One person is dead following a stabbing in downtown Toronto, police have confirmed.

It happened on McGill Street, in the Yonge and Gerrard streets area, shortly before 9:30 p.m.

According to police, the victim was talking with someone outside a residence on the street when they were approached by a third person who stabbed the victim.

He was rushed to hospital with life-threatening injuries, paramedics said, where he later died.

His age was not immediately provided.

No suspect information has been provided by police.

Homicide detectives have been called in.