The 28-year-old was last seen by his sister in the Derrimut area of the city's west with four other men about 9pm on Friday.
Police say one of several people in Balmoral Park called officers at 4.20am on Saturday after finding the man unconscious, while several of the group carried out CPR.
When emergency services arrived, they continued attempts to resuscitate him but he died at the scene.
Homicide Squad Detective Inspector Dean Thomas said the victim appeared to have stab wounds but that a post mortem examination would be needed to confirm this.
"I believe several knives have been found in the area," he told reporters.Â
"Are they connected to this? They'll need to be forensically examined to determine whether they are linked to this incident."
Insp Thomas said there were a number of people reportedly seen running from the scene but this was still being verified.
"It appears our victim does not have any links to any gangs but, again, it's still early and we're continuing to investigate the circumstances."
Police are appealing for anyone in the area to contact them, including anyone who was in the park at the time.
Residents in the area were told to expect more officers conducting patrols during Saturday.
The man's family has been informed of his death.
The body of a woman was also found on a street in central Geelong on Saturday causing police to close the area to traffic.
Officers along with paramedics were called to the scene in Purnell Road about 9.15am.
Local media reported that the death of the woman, who was still to be formally identified, was not being treated as suspicious.
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