A man is in custody after another man was found with stab wounds near Allan Gardens.

Toronto police say they were called to the George Street and Gerrard Street East area just after 2:30 p.m. for reports that someone had been stabbed.

When they arrived, they found a man in his 60s suffering from stab wounds.

Paramedics transported him to the hospital in serious but stable condition.

Investigators say a man was taken into custody, but would not say if the two were known to each other or what may have led up to the incident.

There was no immediate word on what charges the suspect may be facing.