The remains are believed to be pilot Stephen Gale, 56, and TV camera operator James Rose, 30, both from Melbourne.

It comes after wreckage from the plane was found by police on November 20 off-shore from Mornington, a beach suburb about 50km south of Melbourne.

The following day police said they were working to remove the plane fuselage from the water.

The jet was one of two Viper S-211 Marchetti aircraft conducting a formation flight for a Jetworks Aviation promotional video.

The small planes collided mid-air near Mount Martha about 1.45pm on November 19, with one crashing into Port Phillip Bay.

The other plane was able to return to an airport in Melbourne, sparking an extensive search for the missing pilot and his passenger.

Mr Gale was the owner of Jetworks Aviation which hosts flight training and joy rides.

Plane passenger James Rose had worked on high-profile TV shows for the Nine and Seven Networks and production company EndemolShine, including on reality cooking show MasterChef.

Tributes have flowed for the missing camera man including from chef and My Kitchen Rules judge Colin Fassnidge, who left a comment on Mr Rose's Instagram page.

"We filmed, we biked, we laughed, I'm in total shock! No words, Rest in peace my friend," he said.

Contestants from reality show The Block also shared their sadness.

"James we are in shock - fond memories of your genuine nature, a great camera man/sound guy with a kind heart. Shy yet thoughtful. So Sad," Tanya and Vito Guccione said.

IN OTHER NEWS:

Police investigators are working to establish the circumstances of the incident and are keen to speak to anyone who witnessed or has vision of the planes.

Police believe the aircraft would have been visible from Mount Martha between 1pm and 2pm on November 19.

Anyone who witnessed the incident, with footage, or information is urged to contact Crime Stoppers on 1800 333 000 or visit www.crimestoppers.com.au

With Australian Associated Press