UPDATE: TWO fires are bearing down on the Victoria Valley near the Grampians this afternoon.
An updated Emergency Warning for the Grampians - Jensens Rd blaze states the fire is expected to impact Victoria Valley including the small settlement of Mirranatwa.
The warning states the fast moving fire is about 30km north of Dunkeld.
The fire is more than 1200ha in size. It is listed as out of control and is spotting ahead of the fire front.
The message also warns that a second blaze, on Clutterbucks Rd, has jumped containment lines and is also threatening the area.
A community meeting will be held at the Dunkeld Bowling Club at 5pm today.
A State Control Centre spokesman told Weekly Times Now about 1.15pm, fire crews were watching the wind in the area.
"They are watching the wind because they (the fires) haven't joined up yet and the Jensens Rd blaze is being blown in the southerly direction and has the potential to join up with the Clutterbucks Rd fire," he said.
He said a south west wind would push the fire towards eight homes at Mirranatwa.
Earlier in the day he urged residents to remain on alert as fire warning messages were expected to fluctuate between Emergency Warning and Watch and Act several times today.
People are being told to listen to radio and check the CFA website for the latest information.
Fire crews this morning were carrying out asset protection.
Two hundred CFA, Department of Sustainability and Environment and Parks Victoria firefighters along with 14 aircraft including the Elvis skycrane are working in the area this morning.
A relief centre has been established at the Senior Citizen's Hall in Lonsdale St, Hamilton.
"If the winds get up today, which it is expected to this morning, it will come out into the private land in the Victoria Valley area and also Mirranatwa," Mr Lapsley told Fairfax radio.
"It's only about 3km in the bush.
"The other thing that may happen is the type of weather we've experienced could pick up embers and put them 20-30km down the valley."
Mr Lapsley said the communities were well pr epared but there was still a danger of spot fires.
He warned Victoria's bushfire season was far from over.
"I think we're in for another few weeks yet and you would suggest we'd make it into the early part of March," he said.
"It's so dry. It's absolutely baked.
"We don't necessarily need extreme temperatures and we don't need extreme winds to see fires move and move pretty quick."
Across the state more than 1000 firefighters continue to battle blazes including 387 bush and grassfires which started between Thursday and 11.30am yesterday morning.
The Harrietville fire is still burning with the northern section of the fire reaching 16,700ha in size and the southern section about 14,000ha and not yet under control.
The Aberfeldy fire in Gippsland is 84,000ha.
The weather forecast today is for hot and dry conditions before isolated evening showers and thunderstorms in the North East of the state.