"A man has been shot dead in a suspected gangland killing on a suburban southwest Sydney street.

The hit appears to be another chapter in the city's gang wars with multiple media outlets naming the victim as underworld figure Mahmoud "Brownie" Ahmad.

Those responsible for the shooting remain on the run.

Ahmad was the brother of killed underworld figure Walid "Wally" Ahmad, who was gunned down in 2016 at a Bankstown shopping mall in Sydney's southwest.

NSW Police say emergency services responded to a call about 9.30pm on Wednesday at Narelle Crescent, Greenacre, following reports a man had been shot.

Police found a man with gunshot wounds who was treated by paramedics but died at the scene.

A nearby resident told Seven he informed his wife the noise of the shooting was in fact a spray of bullets and not fireworks.

The victim is yet to be formally identified and is believed to be aged in his late 30s, police said.

Homicide detectives are searching for any clues for those responsible for the shooting while inquiries are underway to determine whether two vehicles which were found on fire in Greenacre and Belmore are related.

Ahmad was released from prison last year after pleading guilty to manslaughter in 2016. He was reportedly aware of a significant bounty of about $1 million placed on his head from underworld rivals, the Daily Telegraph reported."