It is understood a cyclist and a blue four door saloon car collided earlier this morning during rush hour traffic.
As a result all traffic is being diverted from Caw Roundabout towards Crescent Link.
The city bound lane of the bridge is closed.
The accident has caused gridlock in parts of the city, with many people on the school turning back home.
A Police Derry City and Strabane spokesperson said: “Traffic is extremely busy in the area.
UPDATED NEWS: Police now say the Foyle Bridge has now reopened.
A police spokesperson said: All diversions in relation to the earlier road traffic collision have now been lifted.
“Thank you for you patience.”
“Please allow extra time for your journey.”