Authorities are currently conducting an investigation into a tragic incident involving a shed fire in Corio this morning.

The incident unfolded when emergency services were called to Officer Court property shortly after 10:30 AM.

Preliminary reports indicate that four children were present in the shed at the time of the fire.

Regrettably, two of these children, who have not yet been officially identified, lost their lives at the scene.

The other two children have been urgently transported to a hospital and are in critical condition.

While the cause of the fire remains undetermined at this point, it is not being treated as a suspicious incident by authorities.

Police are now in the process of compiling a report for the coroner, seeking to find further information surrounding the cause of this tragic event.

Members of the public with any information pertaining to this incident are encouraged to reach out to Crime Stoppers at 1800 333 000 or through the online portal at www.crimestoppersvic.com.au.