UPDATED 9.33AM: Police have confirmed another search is underway near Mayor Island this morning following the discovery of an overturned vessel.

Waihi Coastguard's Gallagher Rescue is towing the 5.6m fibreglass Sea Nymph, named Optimist, back into Tauranga Harbour.

Police say today there was potentially one person on board the boat that was found upturned south of Mayor Island on Tuesday afternoon.

Police are in contact with that person's next of kin, says Bay of Plenty District Operations Manager, Inspector Kevin Taylor.

"Privately contracted helicopters and a number of vessels have volunteered to assist in the search of the area.

"The capsized boat was first spotted about 3pm yesterday by a spotter plane working for a commercial fishing company."

The boat was 2 nautical miles south of Mayor Island, off the Tauranga coast.

"The pilot notified Police and the Coastguard and a search and rescue operation commenced," says Kevin.

"The spotter plane and rescue helicopter completed an extensive grid search in good visibility but did not see anyone in the water."

Police ask anyone who locates anything in the water or along the shore that appears to have come from a boat to GPS log it immediately and contact the Coastguard on the marine radio channels.

EARLIER:

A search is being carried out near Mayor Island this morning following the discovery of an overturned boat.

The boat was located by a aircraft flying 2.5 nautical miles south of Mayor Island yesterday.

No one was found with the vessel.

A member of the public called SunLive to say boats are back on the water this morning, searching the area around Mayor Island.

"They know who owns the boat and it was reported leaving Sulphur Point yesterday."

Both Coastguard and Police have not confirmed the above information.

A police spokesperson says police are continuing to make inquiries into this matter and ask anyone who may be able to provide information, such as who owns the boat, to come forward.