Vic chase suspect still on the run

A man who led police on a dramatic car chase through Melbourne is still on the run.

Sean Paul Murphy was last seen leaving a taxi in East Melbourne after he dumped his luxury car in a city side street on Tuesday afternoon.

Police had been pursuing Murphy since midday, after approaching him near the intersection of Queen Street and A'Beckett Street following a tip-off from the public about an alleged drug deal taking place.

Police say Murphy, of no fixed address, could be armed and have warned the public not to approach him.