A bronze medal from the 1952 Helsinki Games and a participation medal from the 1948 London Olympics were handed in to police in June after they were found in trash outside a house in Melbourne's eastern suburbs.
Police had been unable to link them to any burglaries and no-one had come forward to claim them.
"Whether they were handed down from one generation to another, or they belong to another athlete from another country, we don't know," Senior Constable Damien Bowman told the Australian Associated Press.
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"I wouldn't limit it to Australian athletes at this stage.
"We'd just like to get them back to the owner safe and sound."
(Writing by Ian Ransom; Editing by Greg Stutchbury)
