The owner of a winning lottery ticket worth $40 million is most likely in a small town in Victoria and has yet to come forward to claim the substantial prize.

Oz Lotto has announced the winning ticket was sold in Leongatha, south-east of Melbourne.

Narrowing the search for the mystery winner, the company has revealed in a statement the name of the newsagency which sold the winning ticket – NEXTRA Newsagency Leongatha, along Bair Street.

The South Gippsland town is home to only about 6,800 people.

Oz Lotto said they would release more information if the winner does not come forward after some time.

The lucky numbers, drawn on Tuesday, were 22, 32, 25, 11, 38, 4 and 5.

– with other agencies