But before the trio were able to break free, they were caught and the jail was placed on lockdown.
"It's a bit of a Shawshank Redemption job," a source told the Herald Sun, referencing the 1994 film starring Tim Robbins where the inmate character he plays escapes from Shawshank State Penitentiary.
The three men involved in the plot were transferred to maximum security Barwon Prison.
The Herald Sun reported the mastermind is from New Zealand and will be deported once his sentence has finished.
"A prisoner's plan to escape from the privately operated Port Philip Prison was thwarted through prison intelligence," an Australia Department of Justice spokesman said.
"Prison officers initially uncovered the plan and stringent security measures were immediately put in place on Saturday afternoon to secure the facility.
"Corrections Victoria will work with police to assist them with their ongoing investigation."