The incident occurred around 7pm when a car was seen by police officers driving at speed southbound along the A56.
The driver failed to stop and a short pursuit followed. A short time later, while out of sight of the police car, the vehicle was involved in a collision after leaving the carriageway on Accrington Road.
A police spokesman said: "The driver, a man in his 30s, was taken to Royal Preston Hospital, but sadly passed away later in the evening.
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"A female passenger in the vehicle remains in hospital being treated for her injuries. A road closure remains in place on Accrington Road at this time. As is routine practice for incidents of this nature we have referred this matter to the Independent Office for Police Conduct (IOPC)."