The Herald Sun says the man was making the descent from the base camp on Friday when he died.
He had been travelling with three other Victorians and fell sick at the camp, which is more than 5km above sea level, on Thursday night.
The Department of Foreign Affairs and Trade says it's "aware of the death of an Australian man in Nepal. We stand ready to offer consular assistance".
Fairfax Media reports the father-of-two worked for a multinational tech company in Melbourne.
Climbers typically rest at the base camp for several days to acclimatise before tackling the mountain, but the man reportedly wasn't planning to go further.
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