A man in his 20s has been rushed to hospital in life-threatening condition after being stabbed multiple times inside the Eaton Centre.

Toronto police say they were called to the shopping mall at 2:20 p.m. Tuesday about reports of someone stabbed inside.

A source close to the investigation tells CBC News the victim was stabbed six times with a large steak knife and that police have obtained cell phone videos of the incident, recorded by witnesses. The victim was also known to police and had been shot previously, the source said.

The victim has since been transported to St. Michael's Hospital. (Oliver Walters/CBC )

Police say a man suffered multiple stab wounds on the lower level of the mall and began walking. He collapsed shortly afterward and was found near to the spot where he was stabbed.

He has since been transported to St. Michael's Hospital.

STABBING: Yonge Street and Queen Street <a href="https://twitter.com/TPS52Div">@TPS52Div</a>. Police on scene investigating. 1 male victim. 1 arrested. #1674737 ^CdK —@TPSOperations

Police are now searching the Yonge Street and Shuter Street area for weapons. (Amara McLaughlin/CBC)

Shortly after, officers located a male suspect who was walking north on Yonge Street. He is now in custody and a weapon has been found.

Police are now searching the Yonge Street and Shuter Street area for weapons.