A male victim has been taken to hospital following a stabbing in the area of Yonge and Wellesley streets Monday evening.

Toronto police say they found the victim on scene suffering from a "serious stab wound" and that the suspect had fled.

"The indications are that a man or male was being chased by a group of other people, they caught up to him and he has been stabbed," Const. David Hopkinson told CBC Toronto.

Hopkinson added that officers were able to make it on scene very quickly.

Paramedics have confirmed to CBC Toronto that the victim has been taken to a trauma centre and is in life-threatening condition.