Vic Hanson stencil bears Banksy signature

A stencil of Pauline Hanson, bearing the signature of British street artist Banksy, has appeared in a Melbourne graffiti hotspot.

A stencil of Pauline Hanson, bearing the signature of UK artist Banksy, has appeared in Melbourne. (AAP)

A piece of stencil art targeting Pauline Hanson has appeared in a Melbourne lane bearing the signature of famed British street artist Banksy.

The Queensland senator is depicted under her trademark "please explain" phrase wearing a t-shirt emblazoned with the slogan "F*** off, we're fools", a spin on the traditional anti-immigration slogan "F*** off, we're full".

The artwork, in Melbourne graffiti hotspot Hosier Lane, was spotted on Wednesday morning.