Sydney, Oct 18 (IANS): A gunman was on the run and police were investigating after a suspected targeted shooting in Sydney's inner-western suburbs, police said on Friday.

Police in the state of New South Wales (NSW) said in a statement that officers were deployed to Sydney Olympic Park, approximately 13 km west of Sydney's central business district, following reports of a shooting just before 03:00 a.m. local time on Friday, Xinhua news agency reported.

A 29-year-old man was found at the scene with a gunshot wound to his arm and was treated by ambulance paramedics before being taken to hospital.

Shortly afterwards police were called to the nearby suburb of Lidcombe where a car was found on fire.

"Police believe the incident was targeted and inquiries are continuing to establish if the incidents are linked," the NSW Police statement said.

"A crime scene has been established and inquiries are underway into the circumstances surrounding the shooting and the car fire, which will be examined by specialist forensic police," it said.

The suburb of Sydney Olympic Park includes a major sports entertainment precinct that was built for the 2000 Olympic and Paralympic Games in the city.

Police urged anyone with information about the shooting to come forward.