Investigations are underway into the risk and extent of asbestos contamination at Ross Park Reserve.
A report from the City of Greater Bendigo's hygienist will inform how the site is rehabilitated.
City presentation and assets director Brian Westley said options could range from full excavation and removal to excavation and removal of pockets of affected land.
"We're really hopeful of getting that report next week but it will depend on the extent of the contamination they find," Mr Westley said.
Both the EPA and WorkSafe have been notified of the asbestos.
The City of Greater Bendigo is the responsible land manager for the reserve.
The city has done some investigating since the material was brought to its attention on Monday, which revealed there was asbestos in more than just the one location in the reserve.
"It's highly likely it has been there for decades. We're just waiting to validate the sample," Mr Westley said.
"Over time, through erosion and other things, it's become exposed."
He said it was possible asbestos was introduced to the site as fill, but expected the hygienist's report would help ascertain its origins.
Mr Westley said asbestos was not identified in the area near the playspace when it was upgraded, shortly before Christmas.
He said core sampling for those works would have been in the area that was going to be upgraded, not the entire reserve.
The city now wants to assess the entire area, given Monday's discovery.
"The most important message is that we're aware of it and we're doing everything we can to clean it up as quickly as possible," Mr Westley said.
"In the interim we ask that people stay away from the area."
He urged anyone who came across asbestos in the City of Greater Bendigo to report it to the city or to the EPA without delay.
The City of Greater Bendigo has confirmed a material found near a playground in Kennington was asbestos.
Ross Park Reserve was closed on Monday as a precaution after the material was reported to council.
It had been suspected the material was asbestos.
"Further investigations have found it is more wide-spread than first thought and appears to be scattered across the park," the city said in a social media post.
The post said there was no time frame for the park's reopening, but the city would keep residents informed.
The site has been fenced off to prevent access.
"We are still working through how best to remove the material and in the meantime will be using water trucks to keep the site damp," the city's post said.
The City of Greater Bendigo expects to learn more about the nature of potentially hazardous material found near a Kennington playground within days.
Ross Park Reserve was closed on Monday as a precaution after a material, thought to be asbestos, was discovered at the site.
"The city recently upgraded the playspace and no hazardous material was found at the time," the City of Greater Bendigo said in a social media post.
It said the material, which was reported to the city on Monday, was about 60 metres from the playspace.
It was not in a location disturbed by the recent works, according to the post.
"The material does not appear to have been dumped recently and has been uncovered through erosion over time," the post said.
"We will keep the community informed as to what the material is and plans to clean up the site."
It is not yet known how long the reserve, which is on Steane Street, will be shut.