A female police officer wounded in southern Paris this morning has died. French prosecutors are treating the incident as a terrorist attack, Agence France Presse reports.

Two police officers were wounded by two armed men in southern Paris on Thursday. French newspaper Le Monde tweeted just before 10am today that one had died.

According to reports, the officers were injured in a shoot-out in the suburb of Montrouge this morning, where automatic gunfire was heard.

The second victim is said to be in a serious condition, AFP news agency reports. 

It is as yet unclear whether there is any link to the fatal shooting of 12 people at the offices of satirical magazine Charlie Hebdo yesterday.

The gunmen are thought to have escaped into the Metro, though one suspect has reportedly been arrested.

Television station iTELE reported that two police officers were lying on the ground after the attack.

French police are carrying out a manhunt for two brothers suspected of killing 12 people in yesterday's Charlie Hebdo attack.

On Thursday, authorities released photos of the two French nationals still at large, calling them "armed and dangerous".

Seven people have already been arrested in the ongoing investigation, Prime Minister Manuel Valls said.

Additional reporting by Reuters