We describe a system for high-speed depth estimation of a light source embedded in a scattering medium. A polynomial model estimates source depth from the spatially-resolved, diffuse reflectance profile measured with a fibre optic probe on the surface of a scattering medium. A dataset of Monte Carlo reflectance profiles is generated over a range of typical optical properties and the model is fit to the simulated reflectance at four detector locations. The model accounts for a source depth up to 15mm. Cross-validation using the Monte Carlo dataset produced a root mean square error of 0.12mm. Experimental reflectance data is acquired with the detector probe, which consists of four optical fibres mounted in a black acetal plastic disk. The optical fibres are coupled into avalanche photodiodes for high-speed acquisition of the reflectance profile. When applied to measurements from a tissue-mimicking phantom with an embedded light source, the polynomial model generates depth estimates within 2mm of the true depth, up to a source depth of 15mm.