A homicide squad investigation is under way after tradies unsuspectingly dug up human remains in a backyard on Victoria’s Phillip Island yesterday.

There has been public speculation that the discovery of the human remains may be linked to the Victorian coastal town’s most famous murder mystery, however, police have not yet confirmed or ruled out a link.

The skull and bones were found yesterday in a shallow grave in Greg’s backyard.

The skull and bones were found yesterday in a shallow grave in Greg's backyard.The skull and bones were found yesterday in a shallow grave in Greg’s backyard. (Nine)

The discovery sent the rumour mill in Phillip Island into overdrive, with many believing that the finding could be linked to the mum, who vanished in 1986.

“The phone was blowing up, our socials were blowing up,” homeowner Greg told 9News.

It’s been 40 years since local mother Vivienne Cameron vanished, with doubts surrounding the police theory of what happened to her.

The police theory, supported by coronial inquests, was that Cameron killed her husband’s mistress, Beth Barnard, then took her own life.

But her body has never been found.

It's been 40 years since local mother Vivienne Cameron vanished, with doubts surrounding the police theory of what happened to her.It’s been 40 years since local mother Vivienne Cameron vanished, with doubts surrounding the police theory of what happened to her. (Nine)

Crime author Vikki Petraitis, who has written a book about Cameron’s disappearance, told 9News: “It’s essentially a closed case, but the only problem is nobody on the island believes this is what happened.”

“So when remains are found, it’s only natural that people think, well, if she didn’t jump off the bridge, she has to be somewhere,” Petraitis said.

The state’s top detectives are now looking at whether the discovery could be linked to a high-profile cold case. (Nine)

The property was built on a vacant block sometime in the 1980s and was a holiday home for years, with plenty of visitors.

The mystery will be solved by forensic testing, expected to take months.

Police originally told the owners they’d be digging for several days, but were done in a matter of hours, saying they retrieved everything they needed.

“It would be nice if someone got closure, it really would,” Greg said.