Emergency services received a report of an unknown person in the icy waters at around 10:45, prompting the multi-agency response.
Coastguard Rescue 104 helicopter from Lee-on-Solent is currently conducting a search of The Solent off Egypt Point alongside Cowes RNLI lifeboat and are working to ascertain if anyone is in danger.
Police officers from Hampshire Constabulary are standing by on the Esplanade alongside paramedics from the Isle of Wight Ambulance Service.
UPDATE @ 11:19 – The search for the reported person in the water has been called off, it has been confirmed.
It is believed that the object spotted by Police officers patrolling the area was in fact a buoy.