A category 3 cyclone could hit Queensland on Friday if a weather system in Gulf of Carpentaria continues to strengthen.

Ex-cyclone Owen is currently sitting over the warm waters of the gulf and is expected to reform into a category 1 cyclone on Wednesday and could be a category 3 by Thursday.

Ex-tropical cyclone Owen is forecast to re-intensify into a category 1 cyclone on Wednesday. Credit:Weatherzone

"It may reach category 3 intensity if conditions remain favourable. A coastal crossing along the south-east Gulf of Carpentaria coast during Friday is most likely," the bureau said.

Residents from Normanton to Pormpuraaw have been warned to prepare, with the low-pressure system, which was sitting over the warm waters of the Gulf of Carpentaria, expected to re-form on Wednesday morning.