Emergency services are heading for Caddonfoot near Galashiels where a person is reported to be in the water close to the former school.
Fire and Rescue Service crews from Galashiels and other stations have been alerted as have the Scottish Ambulance Service and Police Scotland.
The Fire and Rescue Service response includes a specialised water rescue team.
The River Tweed as well as the Caddon Water are close to the reported incident area.
A water treatment plant is also close by.