POLICE have charged a 32-year-old man with attempted murder following the alleged stabbing of a 38-year-old man in Coledale on Wednesday.

Police will allege about 5pm an altercation took place at Glen St  between the two men before they both ran onto Sue Crescent.

The 32-year-old man allegedly produced two knives and stabbed the older man in the chest several times.

The 38-year-old man was treated at the scene by NSW Ambulance Paramedics and taken to Tamworth Base Hospital where he remains in a stable condition.

Police  arrested the 32-year-old man in Cossa Street.

He was taken to Tamworth Police Station and charged with attempted murder and assault police.

The man was refused bail to appear before Tamworth Local Court today.

WEDNESDAY NIGHT: A MAN was believed to be in a serious condition in hospital on Wednesday night after being stabbed several times in broad daylight in Tamworth.

Police and paramedics rushed to Coledale, in West Tamworth, after multiple triple zero calls reporting a man was being attacked in the street, near the corner of Glen St and Sue Cr about 5pm.

Several officers descended on the streets within minutes and the area was quickly put into lockdown.

Late on Wednesday night, Oxley Acting Superintendent Jeff Budd confirmed one man had been arrested.

“I can confirm one male is in Tamworth hospital with multiple stab wounds,” he told The Leader.

“Another male was detained near the scene and was taken to Tamworth Police Station where he is currently assisting police with their enquiries.”

Acting Superintendent Budd said police were still trying to determine the circumstances surrounding the alleged attack.

“The male is certainly in the hands of the accident and emergency staff at Tamworth hospital and I can confirm he has multiple stab wounds,” he said.

“It is too early to say what his condition is.”

Late on Wednesday night, much of the area between Cossa St and Cole Rd through to Quinn St remained a no go zone as police carried out investigations. 

“An exclusion zone was established and a crime scene set up and we currently have forensic police and detectives on scene assisting general duties with the investigation,” Acting Superintendent Budd said.

Anyone with information on the incident is being urged to contact Tamworth police on 6768 2999.