Police drones and a helicopter could reportedly be seen hovering over the clearing of trees and undergrowth.
Police received the call just before midday and police cordoned off Rawcliffe Road in St Michael-on-Wyre.
Divers were scouring the river and the road in the River Wyre area was cordoned off according to Sky News.
The area has been the focus of a major search operation since Ms Bulley, 45, went missing on January 27 while walking her dog.
The witness said Mail: “I drove down Rockliffe Road for nearly a mile. On the embankment he noticed a man and a woman and two policemen.
“I pulled over at about 11.50am and heard a man talking to the police about something in the undergrowth.
“Police cars were flying down the road with blues and twos. After a few minutes, the policeman stopped and took out his drone.
“Five minutes later, the police helicopter arrived. The officers asked me to get out, so I walked 200 yards down the road.
“I could still clearly see the man pointing to the river bank. Then other police cars with blues and twos raced down. They cleared the entire road.”