UPDATE: The Bureau of Meteorology has upgraded the chance of a tropical cyclone developing to more than 50 per cent.

North Queensland has been placed on high alert due to the increasing risk of extreme weather. 

Port Douglas boat owners have been contacted by The Reef Marina and told to be prepared in the event they need to move their vessels up Dicksons Inlet.

The Tropical Cyclone outlook for the Coral Sea has increased from a 'low to moderate' chance to 'high', meaning there is now than a 50 per cent chance of cyclone.

Queensland Regional Director Bruce Gunn said a low-pressure system southeast of Papua New Guinea is forecast to develop, drifting slowly southwest.

They're predicting the low to move towards the tropical coast of Queensland late tomorrow or on Saturday.

"While it may have been a slow start to season, February and March are the peak months for tropical cyclone activity in the Eastern Region and Coral Sea, with conditions becoming more favourable for development from Saturday onwards," Gunn.

"It's too early to speculate about the cyclone's intensity, forecast path and where it will make landfall, however we will get a clearer picture in the coming days.

"Communities in North Queensland should begin their preparations now, stay tuned for the latest official forecasts and warnings from the Bureau and follow the advice of local emergency services."

There have been three tropical cyclones already this season, Yvette in December, Alfred in February and Blanche in March.

The last tropical cyclone to cross the Queensland coast was Tropical Cyclone Nathan which crossed near Cape Flattery, north of Cooktown (20 March, 2015) as a Category 4 system.

The Bureau’s Tropical Cyclone Warning Centre in Brisbane operates around the clock and forecasters monitoring the situation and providing the latest information for emergency services, media and the community.

You can keep up to speed on Twitter with the handle @BOM_Qld and www.bom.gov.au.

NOTE: BOM has informed media the cyclone developing on the Coral Sea will now be called Debbie should it eventuate.