According to the BBC, West Midlands Ambulance Service said it was dealing with a “serious incident” in Penn and was treating “a number of patients.”
Helicopters, police dogs and officers in riot uniform are dealing with the incident at an address in Warstones, the Mirror reports.
The Birmingham Mail reports two people have been killed in the incident – one woman and one man.
It is understood police used stun grenades during the police operation, which began shortly after 9:40am local time on Wednesday.
Police say a man attacked two women before inflicting stab injuries on himself.
A woman, believed to be in her 30s, died at the scene, while the male suspect, also believed to be in his 30s, was pronounced dead a short time ago.
In a statement, West Midlands Police said: “Two people have died following a domestic stabbing in Wolverhampton this morning (Weds 8 March).
“Police were called to a block of flats in Leasowes Drive, in the Merry Hill area of the city, at around 9:45am where it is believed a man attacked two women before inflicting stab injuries on himself.
“Officers used stun grenades as they stormed the flat in a bid to distract and detain the knifeman.”
“Another woman, believed to be in her 50s, has been taken to hospital with critical stomach wounds while a police officer was treated for minor injuries,” Police added.