The police said they had found no evidence of previously reported gunshots, and that there were no casualties.
Armed police raced to Oxford Circus Tube station and Oxford Street after receiving 999 calls reporting that shots had been fired. Met police officers are urging people in the area to go into a building, or remain inside.
An armed policeman runs down Oxford Street in central London on November 24, 2017, as police responded to an incident.
"Passengers at the station then self-evacuated the station onto Oxford Circus and Regent Street area of London", a statement said. The Metropolitan Police has confirmed its officers are also attending. "Officers are on scene and dealing (with it)", the Metropolitan Police said on their official Twitter feed.
The incident happened as throngs of shoppers flocked to the area for Black Friday retail sales.
People were reportedly "screaming and crying" as they left the station.
"Police have responded as if the incident is terrorist related". Nearby Bond Street Station has also been closed due to overcrowding.