2.15PM: THE Bureau of Meteorology has said Tropical Cyclone Owen has weakened below tropical cyclone intensity in the past few hours.
Over the past six to nine hours the former cyclone has turned westward and 'weakened rapidly'.
The Bureau says the ex-cyclone will still track towards the Central Queensland coast, bringing with it heavy rainfall.
"The remnants of ex-tropical cyclone Owen may continue to move west towards the east tropical and/or central Queensland coasts later this week," the update read.
"This could result in heavy rainfall developing about the central and east tropical coasts late in the week, though there remains a large amount of uncertainty associated with the movement of the system."
TUESDAY 9.45AM: THE Bureau of Meteorology has predicted heavy rainfall for Central Queensland as Tropical Cyclone Owen moves towards the Queensland coast.
The Bureau has forecasted the remnants of the cyclone are expected to move west towards the east tropical and/ or Central Queensland coasts later in the week.
"This could result in heavy rainfall developing about the central and east tropical coasts late in the week," the latest update said.
Adam Blazak, forecaster for the Bureau said the cyclone is expected to weaken below tropical cyclone intensity tonight or Wednesday morning.
"Overnight Tropical Cyclone Owen remained at category one strength but it looks to have moved to an area that is not conducive for cyclone level development," he said.
"We are uncertain of the tracking movements from Wednesday onwards, but if it was to approach the coast there would be increase storm and shower activity around that area."
Estimating that Tropical Cyclone Owen is currently tracking between Cooktown and Bowen, Mr Blazak said there is still uncertainty about where along the coast will be impacted by the system.
"It's hard to name where will receive rain, but will continue to monitor the situation and will update our bulletins regularly," he said.
MONDAY 11AM: CYCLONE Owen is continuing its track towards Queensland, with parts of the north looking to receive more than 100mm of rain in the week ahead.
Weather service Windy.com is tipping some decent falls for the state over the next 10 days, with areas between Ingham and Cardwell forecast to receive 120-130mm of rain.
The level of rain could change depending on Cyclone Owen's path as it nears the coast.
At 10am AEST Monday, Tropical Cyclone Owen, category 1, with central pressure 995 hPa was located over the northern Coral Sea near latitude 15.6 south longitude 155.1 east, which is about 555km east of Willis Island and 1010km east of Cairns.
Tropical cyclone Owen has continued moving south-southeast during the past few hours. Owen is expected to intensify further and is likely to reach Category 2 later today.
Tropical Cyclone Owen is expected to slow and turn westward later tonight or early Tuesday morning. It should begin to weaken during Tuesday. The cyclone should be relatively slow moving, and poses no immediate threat to the
Queensland coast. It should remain well off the coast until it weakens later in the week.
MONDAY, 9.30AM: TROPICAL Cyclone Owen is expected to weaken and track in a westerly direction in Far North Queensland.
The cyclone is not expected to impact Central Queensland at this stage, but will move towards the coastline later today.
The latest tracking map forecasts the cyclone intensifying to a Category 2 later today.
"Tropical cyclone Owen is expected to slow and turn westward later today or tonight," the latest forecasts reads.
"It should begin to weaken during Tuesday. The cyclone should be relatively slow moving, and poses no immediate threat to the Queensland coast. It should remain well off the coast until it weakens later in the week."
5PM: THE Bureau of Meteorology has just confirmed Tropical Cyclone Owen is tracking southeast over the Coral Sea.
The category one cyclone is currently situated which is about 545 km east northeast of Willis Is and 990 km east northeast of Cairns.
According to the Bureau, TC Owen has recently slowed down but is expected to deepen in the coming hours.
"The system has been moving to the south southeast through today, but has recently slowed to around 8 kilometres per hour," the bulletin read.
"Owen is expected to deepen further overnight and is likely to reach Category 2 on Monday.
"The system is likely to drift slowly south until Monday afternoon or evening, and is then expected to turn and move slowly to the west and commence a weakening trend.
"This system poses no immediate threat to the Queensland coast, and should remain well off the coast until it weakens later in the week."
4.45PM: A TROPICAL cyclone has formed approximately 500kms northeast of Cairns, according to the Joint Typhoon Warning Centre.
The Hawaiian based JTWC said the cyclone has been tracking south-south-westward over the past few hours.
The Bureau of Meteorology said it would be making an announcement on the cyclone status within the hour.
It said the system had continued to intensify meaning there was a good chance it will be upgraded to a tropical cyclone which would be named Owen.
Harry Clark a Meteorologist from the Bureau said the cyclone could reach a category two system in the next 48 hours, but the coast of Queensland will remain out of the cyclones reach for at least a few days.
"The only real risk to the coast is if the remnant low meanders towards the coast in the latter part of this week," he said.
"That would increase the rainfall and winds if anything and it certainly wouldn't be cyclone strength, mostly just some increased shower activity along the coast."
8.25am: THE Bureau of Meteorology has issued a cyclone tracking map for the tropical low which is moving towards the Queensland coast.
The bureau said that at 4 am, a tropical low was located over the northern Coral Sea about 610 km north east of Willis Island and 1030 km east north east of Cairns.
The low was moving south at 9 kilometres per hour and expected to deepen further, most likely developing into a tropical cyclone during the next 24 hours.
"The system will continue drifting south until Monday afternoon or evening, and is then expected to turn and move slowly west," the bureau said.
"It is expected to intensify further during this time. However, this system poses no immediate threat to the Queensland coast, and should remain well off the coast until it weakens later in the week."
The Joint Typhoon Warning Centre this morning said the system would continue tracking to the south over the next several days, and then "model guidance diverges to go either south east or south west".
"The models agree that the system will continue to intensify to warning criteria within the next day," it said.
"Maximum sustained surface winds are estimated at 25 to 30 knots. The potential for the development of a significant tropical cyclone within the next 24 hours remains high."
3pm: According to the Joint Typhoon Warning Centre (JTWC), based in Pearl Harbor, there is now a high chance a tropical cyclone will develop on Sunday between the Australian coast and the Solomon Islands.
The JTWC said today the 'low level circulation centre' was moving in a south-westerly direction at 13 knots.
The cyclone was located approximately 333 nautical miles west of Honiara on the Solomon Islands, over 1000 kilometres off the coast of Cairns.
At 2.30pm the BOM said a developing tropical low was currently located southeast of the Papua New Guinea mainland, near Sudest Island.
"The low is forecast to develop into a tropical cyclone during Sunday afternoon or evening while shifting south to southwest. It is expected to enter the Eastern Region later this evening or early Sunday morning and stay well offshore of the Queensland Coast in the northern Coral Sea," the outlook report read.
"Uncertainty does exist with the systems movement and development from Tuesday."
Janine Yuafa, Meteorologist with The Bureau of Meteorology confirmed they were closely monitoring the situation, however he said it should remain well off the coast of Queensland for the time being.
"At the moment it is south east of Papua New Ginuea," she said.
"It is expected to move south-westwards into the Coral Sea over the next few days."
Ms Yuafa said the tropical low was expected to remain well off the Queensland coast until early next week, saying after that it was not clear where it would go.
"There's a great deal of uncertainty surrounding its movements over coming days, beyond Sunday and Monday," she said.
"At this stage there's a moderate to high chance of development, but what it does after that once it reached tropical cyclone strength, if it does, is extremely uncertain."