Police have identified the teenager that was shot dead on a basketball court near the Jane and Finch area on Tuesday.

Eighteen-year-old William Junior Appiah was gunned down late yesterday afternoon at 5.10 p.m. and police say the victim used to live in the area and was known to them.

During a press conference, homicide detective sergeant Gary Grinton says police are looking for three suspects who fled the scene in a silver, four-door Japanese vehicle.

"He was with some friends. There were other people in the playground area," Grinton says.

"He was approached by three people, it was conversation... one person produced a firearm and shot Mr Appiah."

Grinton says the teenager was playing basketball before he was shot.

The suspects are described as male, black, in their late teens and at least two were seen wearing hoodies.

Grinton says police have some leads but nothing firm. A post-mortem on the body has been scheduled for Thursday.

Police are appealing for witnesses to come forward. Anyone with information should contact the homicide squad at (416) 808-7400 or Crime Stoppers at (416) 808-7400.