VICTORIA Police has arrested a 54-year-old Port Melbourne man on Tuesday as part of an investigation into alleged drug trafficking.

The arrest comes four days after the property of Essendon great and Geelong premiership coach Mark 'Bomber' Thompson was raided by police. 

Victoria Police released a statement on Tuesday afternoon, saying the man had been released pending enquiries.

"Police have arrested a 54-year-old Port Melbourne man following an investigation into alleged drug trafficking in Port Melbourne," the statement read.  

"Detectives from Prahran Divisional Response Unit and Geelong Divisional Response Unit executed a warrant at Port Melbourne on 5 January. 

"Detectives attended the Rouse Street address at 9.30am on Friday (5 Jan). The man has been released pending enquiries." 

Thompson, 54, led the Cats to premierships as coach in 2007 and 2009 and played in Essendon's 1984, 1985 and 1993 flags.

He was fined $30,000 for his role in the Bombers' supplements scandal which saw 34 past and present players suspended for the 2016 season.