Fire crews from Newport and East Cowes are attending the incident, which occurred at around 20:05. A Rescue Tender from Newport Fire Station is also in attendance.
Two vehicles have reportedly been involved in the collision.
Police have closed the main road between Racecourse Roundabout and Folly Lane in both directions.
Southern Vectis are advising passengers that Route 4 and 5 will not be able to serve East Cowes. Bus users are being advised to travel to Newport Bus Station and transfer to Route 1 to Cowes, then onwards via the floating bridge to East
HEMS doctors and paramedics are working alongside paramedics from the Isle of Wight Ambulance Service as firefighters work to free those trapped inside a vehicle that has left the carriageway and come to rest in a hedge.
The second vehicle involved is said to have sustained heavy damage.
Two people are confirmed to be injured.
The road is expected to be closed in both directions for some hours. Traffic should divert via Brocks Copse Road (Wootton).
The surviving casualty is expected to be airlifted to Southampton General Hospital for treatment. The casualty has been conveyed to St Mary’s Hospital by land ambulance and will be airlifted from the hospital’s helipad.
The Collision Investigation Unit from the mainland have arrived at the scene to conduct a thorough examination and piece together the events that led to the fatal collision.
UPDATE @ 23:05 – Island Echo understands a Vauxhall car and a Land Rover car have both been involved in tonight’s head-on collision, which has occurred between Alverstone Road and Folly Lane on a section of 60mph road.
Eye witnesses have described to Island Echo the moment the two cars collided, sending one backwards into the hedge lining the carriageway. The cars were travelling in opposite directions.
The road remains closed and will remain closed for several hours.
All traffic in and out of East Cowes is being diverted via the back roads to and from Wootton.
The deceased is understood to be male.
UPDATE WEDNESDAY @ 10:10 – Hampshire Constabulary have this morning confirmed that a 46-year-old man from East Cowes – driving a red Vauxhall Corsa – has died, whilst a 44-year-old man driving a Land Rover has sustained serious but not life-threatening injuries.
Police initially reported the 44-year-old had been airlifted to Southampton, however it has been confirmed the man has remained on the Island at St Mary’s Hospital. He is in a stable condition.
Anyone with information relating to the incident can call the Serious Collisions Investigation Unit at Eastleigh on 101, quoting 44160087234. Information can be given to Crimestoppers anonymously on 0800 555 111.