Thousands of people were asked to leave the building after the package was found at around 5.15pm.
A large area of the Milton Street side of the building has been cordoned off, stretching the length of the John Lewis store.
An Army bomb disposal team was seen arriving at the centre just before 7pm.
Operators Intu tweeted: “We can confirm that intu Victoria Centre has been evacuated. We will update you as soon as we have further information.”
Notts Police have put a cordon around the building and Milton Street is closed, affecting dozens of NCT bus services.
A security concern's been raised inside Victoria Centre. No more information's been given. pic.twitter.com/iyb1qjbdae
— Melanie Carballo (@_melaniecs) October 15, 2016
A force spokesman said: “Part of the Victoria Centre in Nottingham city centre has been evacuated following a report of a suspicious package being found inside.
“The evacuation of the Centre began at around 5.15pm this afternoon (Saturday 15 October).
“Road closures and diversions are currently in place on Milton Street and members of the public are being asked to avoid the Victoria Centre and Milton Street areas while officers respond to this incident.
“Anyone currently in the city centre is asked to follow advice from officers at the scene. A further update will follow as soon as we know more.”
Army bomb disposal officers have been seen entering the building and the cordon on Milton Street extends past TK Maxx, keeping shoppers back to the edge of Trinity Square.
Residents of the Victoria Centre Flats have also been affected. Landlord Nottingham City Homes tweeted: “We’re working with Notts Police regarding the incident at Vic Centre. Anyone in the area should follow advice from officers at the scene.”
On the scene: Notts TV’s Jake Meskell
“The police started to put up a cordon and people began to leave the centre, the road in front of Waitrose at the time was completely empty.
“Officers asked everyone to leave shops on the opposite side of Milton Street including TK Maxx and Waitrose. At first the cordon stretched to KFC and ten minutes later it was moved back to Trinity Square.
“Quite a few people were on street who live in the flats who said their homes above the centre had also been evacuated. Everyone was quite calm and understanding.
“The Hilton Hotel was also evacuated at the time and staff asked guests to obey police instructions and took guests’ names.
“Police on the scene would only say ‘suspicious circumstances’ were to blame at first. A lot of people accepted the operation would take some time and many decided to go home.
“Many employees of shops inside the cordon said they had not been given any official information about the reason for the evacuation.”