18/11/2015 6:23 PM AEDT | Updated 15/07/2016 12:51 PM AEST

Paris Attacks: At Least Two Dead After Police Swoop

THOMAS SAMSON via Getty Images
Police operation in Saint-Denis, near Paris on November 18, 2015, five days after Paris terror attacks. Shooting broke out in northern Paris early November 18, 2015 during a dawn raid by police hunting those behind the attacks that claimed 129 lives in the French capital five days ago, sources said. AFP PHOTO / THOMAS SAMSON (Photo credit should read THOMAS SAMSON/AFP/Getty Images)

At least two people have reportedly been killed and five arrested following a police operation targeting the suspected mastermind behind the Paris terror attacks.

French media are reporting there was an exchange of gunfire and a series of explosions heard during the police operation in Saint-Denis during which is believed to be targeting Abdelhamid Abaaoud, a chief suspect in last week's coordinated series of terrorist attacks in the French capital.

Various media reports say police raided an apartment in the area.

One woman is believed to be dead after a suicide vest was reportedly detonated, and there are reports a bystander was also killed -- however this has yet to be verified.

Five people have been arrested. and French TV has reported some police had been wounded during the operation.

The military have also been deployed to the north of the city as the operation continues.

Gunfire began around 4:30 a.m. local time, and was intermittent for at least two hours.

School in Saint-Denis has been canceled for Wednesday, the mayor, Didier Paillard, announced.

Transportation to the northern Paris suburb has also been canceled.

Stade de France, the national stadium that attackers tried to bomb during a soccer game on Friday, is located in Saint-Denis, just 1.2 miles from the apartment where the raid was focused.

At least 129 people were killed in last week's coordinated attacks in the French capital, which also left hundreds injured.

French authorities also diverted two Paris-bound Air France airliners were diverted Tuesday night after bomb threats.

Air France said both flights were ordered grounded after takeoff based on the anonymous phone threats. The planes landed safely, the airline said in a statement. Passengers were evacuated and the airliners and luggage were being searched.