There has been reports of a loud explosion inside a New York bus terminal with reports of a stampede.

The explosion is reported to have happened on Monday morning at the Port Authority Bus Terminal near Times Square.

Police have said they are responding to reports of an “explosion.”

“The NYPD is responding to reports of an explosion of unknown origin at 42nd Street and 8th Ave, #Manhattan,” tweeted the department.

ABC News have said that a possible pipe bomb was set off in a passageway below ground at the bus terminal.

According to the cable network one person is in custody and added that there are a “few injuries.”

This story is developing..