Jobs will be cut across all divisions, including engineering, administration, product design, marketing and manufacturing.
This is seen as a cost cutting measure following Ford's decision to slow production of its six-cylinder models by up to 25 percent, which will also result in the loss of a further 350 jobs at its Geelong and Broadmeadows plants in November.
This is only the beginning, with the company currently conducting a review into its operations to see where further associated costs can be reduced.
As it currently stands, around 4,700 people are employed at the company's Victorian operations, split almost evenly between manufacturing workers and administration roles.
"We have told employees there will be voluntary separations on top of the 300 to 350 jobs being cut in manufacturing," said company spokeswoman Sinead McAlary.
Because the review into the matter is not yet complete, Ms McAlary would not comment on the exact number of jobs which were likely to go, however Fairfax media has reported it could be as high as 500 workers.