Police have formally identified the cyclist who died after a hit-and-run in central Auckland this morning - and say the driver allegedly responsible was over the legal alcohol limit.

And they have praised a member of the public who saw the fatal collision and followed the driver while on the phone to police.

The cyclist was hit by a Honda Logo hatchback on Queen St near Myers Park about 2.30am. The driver fled the scene.

The cyclist was rushed to Auckland City Hospital but died soon after from his injuries.

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A police spokeswoman said they are looking to release the man's name "proactively" but after they have spoken to his family members.

"Inquiries are ongoing and police are speaking to someone in relation to the incident," she said. "No charges have been laid at this stage. We are not seeking anyone else at present."

Detective Senior Sergeant Geoff Baber said police believed the cyclist was a rough sleeper.

He said the driver - and two passengers - had been spoken to by police and would be dealt with further later today.

Baber said the driver failed an evidential breath test.

"They will need to be re-interviewed later today when they are sober," he said.

The driver was taken into custody at an Otahuhu address soon after the alleged incident.

Baber revealed a member of the public saw the Honda hit the cyclist and drive off. They called police while following the Honda and led officers to the address where it stopped.

"They did a really good job," Baber said. "The member of the public provided really good communications out of the city, down the Southern Motorway to Otahuhu.

"Apparently the driver was seen to be driving erratically up Queen St prior to the collision."

Baber said the investigation was in its early stages and there was much work to do.

CCTV cameras in the area that had been checked by police so far had failed to capture the fatal collision but he hoped others would have a record.

Anyone with information that may assist this investigation is urged to call Auckland City Crime Squad on 09 3026557 or Crimestoppers anonymously on 0800 555 111.