A woman has been arrested after a man was left with life-threatening injuries in an alleged stabbing in Melbourne overnight.

The man was found with serious injuries near Reservoir Train Station at about 8.45pm.

Paramedics treated him for upper body injuries before he was taken to hospital.

Police said his condition had since been downgraded.

Earlier this morning, police arrested a woman at a Heidelberg Heights property.

It will be alleged the stabbing was a targeted incident and the people involved are known to each other.

The investigation continues, and anybody with information or footage is urged to contact Crime Stoppers on 1800 333 000 or online .

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