Police have arrested a man after a fatal stabbing at the commission flats in Collingwood.

The Hoddle Street area was teaming with police yesterday after a man was found with life-threatening stab wounds to his upper body just before 5pm.

Paramedics attempted to revive the man but were unsuccessful and he died at the scene.

Police arrested a 30-year-old Collingwood man overnight in relation to the deadly stabbing.

He is in custody and is expected to be interviewed later this morning.