Two women have been charged after a police Air Wing helicopter pursued an allegedly stolen car from Hoppers Crossing to South Melbourne this morning.

Just before 3am, a silver Holden sedan was seen driving erratically on Forsyth Road.

Police monitored the car as its driver travelled from Hoppers Crossing through several inner-city suburbs including Carlton, Docklands and Toorak, before coming to a stop on Kings Way in South Melbourne at 4.45am.

The driver, a 26-year-old South Melbourne woman, and her passenger, a 31-year-old Werribee woman, allegedly ran from the vehicle but were arrested shortly afterwards.

Police said they expected the South Melbourne woman would appear in court today, after she was charged with two counts of failing to stop for police, conduct endangering life, disqualified driving, speed dangerous and theft from motor vehicle.

The Werribee woman has been bailed to appear at the Werribee Magistrates Court on January 24.