One armed hijacker took control of the Airbus A320 at 8:30, police spokesman Andreas Angelides said, according to the report.
Reuters reported that the airplane was on route from Alexandria to Cairo.
Angelides said that there was no information yet about the demands of the hijacker or whether he is a member of any organization.
The Cyprus Broadcasting Corporation reported that 55 people were on board, with a crew of 7. There were earlier reports of about 80 to 81 people on board.
At least one man was thought to be armed. The hijacking occurred in Cyprus's flight information region and the airliner was diverted to Larnaca, Cyprus Mail reports.
There are two crises centers, one operated by MMAD, the police anti-terror unit, and the other at Larnaca airport, the source said.
Hermes Airports, which manages both Larnaca and Paphos airports declined to comment.
More information is to follow.
