The man and woman are being flown to the Launceston General Hospital for medical assessment after being exposed to the cold temperatures overnight.

EARLIER:

Two bushwalkers stuck at Leven Canyon, near Loongana, have been spotted and a rescue attempt is underway.

The pair, a man and woman in their fifties, were expected back on Saturday but didn't return home.

Police said search and rescue parties spent this morning searching the area, before the couple was spotted by the Westpac Rescue Helicopter on Sunday afternoon.

The pair are currently being retrieved by the helicopter.

A police spokesperson said they believe the male bushwalker has sustained a slight injury to his leg, but no other injuries have been reported.

They said the pair appeared to be well-prepared and experienced bushwalkers, and were out for a day hike.

Poor weather conditions, including rain in the area, made the rescue more challenging for search parties, but authorities said the situation was now under control.