Kelvin Tennant, 72, was riding his motorised bicycle on the Myrtleford-Everton Rail Trail about midday on February 18, 2017, when he was shot multiple times by a man who got out of a parked car.

"I remember lying on the track and thinking 'if I play dead maybe that's the best way for him to get moving'," Mr Tennant told reporters on Wednesday when police announced the half-million dollar reward for information to find the gunman.

The car is described only as dark-coloured and maybe a Commodore or Camry sedan which had its boot open at the time.

"He fired three shots in very quick succession. One hit me in the head, just near my ear."

The second and third shots hit Mr Tennant in the chest and face and his injuries have required numerous surgeries and caused ongoing pain and side effects.

"I do remember saying to him 'why are you doing this to me?' I started to lose consciousness and crashed to the ground.

"He obviously had no regard for my life, he wanted to kill me. You don't fire multiple bullets into people unless you're going to kill them and I've thought since then: why didn't he walk over to me on the ground and put the gun to my head and finish the job?"

Mr Tennant didn't get a good look at his attacker, but said he was hit by .22 calibre bullets fired from a pistol.

"To this date we still have not identified a motive for this crime," Detective Inspector Dean Thomas said.

He hoped the financial reward would prove an incentive for witnesses to come forward with information.

EARLIER: A $500,000 reward has been offered to help solve the shooting of a cyclist left for dead in Everton in 2017.

Victoria Police announced the reward Wednesday morning as part of their investigation into the incident on Saturday, February 18.

Kelvin Tennant, then 72, was shot a number of times about noon while riding along the Myrtleford-Everton Rail trail.

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It's believed the shooter left the area in a dark-coloured sedan.

Mr Tennant was found lying unconscious on the ground with gunshot wounds to his head and chest on the bike trail by two passing cyclists who called for an ambulance.

The Ringwood man was airlifted to The Alfred hospital in a life-threatening condition and took months to recover from his injuries.

Two years later, he's still experiencing issues with his eyesight and hearing due to the shooting.

Armed Crime Squad Detective Inspector Dean Thomas said while the shooting occurred in a remote area, it was a popular area for visitors.

"The Great Alpine Road area and the surrounding townships of Bright and Myrtleford attract a lot of tourists," he said.

"The Myrtleford-Everton Rail Trail also attracts hundreds of cyclists during the warmer weather.

"It's very possible that an interstate visitor on holidays in north-eastern Victoria that weekend has seen something but doesn't realise that what they know could be important.

"We ask anyone who was in the vicinity or passed through the Everton area on the weekend of February 18 in 2017 to think back to what they remember from that day and contact police with any information."

After two years of investigation, detectives have not been able to determine why Mr Tennant was targeted by the offender.

"Kelvin was simply out enjoying riding his motorised bike along rail trail when someone has tried to kill him," Detective Inspector Thomas said.

"Throughout all our enquiries, nothing has been found to indicate any possible motive.

"Someone out there knows who is responsible for trying to kill an innocent man who was simply out enjoying an afternoon ride and we hope this reward can bring forward new information so we can find the person responsible and bring them before the courts."

Anyone with information should contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at crimestoppers.com.au.

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