Emergency services are currently on scene off the Esplanade, where the Nissan Micra has come to rest front-first in the water. The incident occurred at just before 20;40.
Police officers are rescuing the elderly driver through the rear seats and the boot of the vehicle.
Water Rescue resources from the Isle of Wight Fire and Rescue Service are en-route.
UPDATE @ 22:20 – The disabled driver of the Micra has amazingly escaped the unusual incident without serious injury.
Island Echo understands the car left the road due to a medical episode. No other vehicles have been involved.
Fire appliances from Ryde and Newport, a rescue tender and water rescue unit were all mobilised to the incident but were stood down prior to arrival following the successful extrication by Police.
The car has now been recovered from the canoe lake and the driver is being conveyed to St Mary’s Hospital by ambulance.