Police said officers saw the white Audi A5 driving at high speed along Wilbraham Road, south Manchester, shortly before 3.15am on Wednesday.
A short time later, the Audi hit two parked cars and street furniture on Wilbraham Road, close to Whalley Range High School for girls.
Two men were pronounced dead at the scene. Three others suffered serious injuries and were taken to hospital.
Greater Manchester Police said the incident has automatically been referred to the Independent Police Complaints Commission.
The Professional Standards Branch has also been informed as officers saw the accident happened.
It is not known if police were in pursuit of the vehicles.
A GMP spokesman also said he was unable to say whether the car had been stolen or not.