A man who police say was chased by a group of suspects and then stabbed in the downtown core has died in hospital, police confirmed Tuesday.

Police say they were called to the area of Yonge and Wellesley streets after receiving reports about a group of people chasing a man in the area.

When officers arrived on scene, they found one man, who is believed to be in his mid-20s, suffering from a life-threatening stab wound. He was taken to a trauma centre but later died from his injuries.

No arrests have been made but police said Monday that they are searching for about five suspects, who were last seen fleeing northbound on Yonge Street.

Detailed suspect descriptions have not been released.

"We have video footage of the incident and we are working on getting as much video footage in the area," Det. Steve Wallace said at the scene on Monday.

"If anyone was driving in the area that has dash cam, anything like that, to give us a shout at 51 Division."

Investigators said they are also searching for another man who may have been involved. He has been described as an older, Caucasian male who has long grey hair and was wearing a grey jacket at the time.

"He fled. We believe he may have some injuries so officers are actively checking the hospitals, local businesses now to check and see if he’s OK," Wallace said.