Police have arrested a 35-year-old after the fatal stabbing of an elderly man on a street in the north of Melbourne.

The incident – which occurred in Preston on Friday afternoon – saw the victim stabbed after a fight broke out between the pair at the intersection of Murray and Gilbert roads about 4.45pm, homicide detectives believe.

Police are yet to identify the victim, aged in his 70s, who died at the scene.

A 35-year-old Preston man was arrested at the scene and is being questioned by police.

Anyone with information is urged to contact Crime Stoppers.

– with ABC, AAP