UPDATE: The Bureau of Meteorology has issued a renewed warning as a tropical cyclone looks set to form in the Gulf of Carpentaria.
And they have named the deepening system tropical cyclone Yvette.
"The Warning Zone extends from Cape Keerweer in the north to Burketown in the south," the latest release from the BOM read.
"Gale force winds in the range of 65-85km/h with gusts 90-120 km/h are expected from Cape Keerweer to Burketown, particularly from Kowanyama to Karumba.
"Abnormally high tides are possible between Cape Keerweer and Burketown, but are not expected to exceed the highest tide of the year.
"The system is forecast to weaken again to a tropical low, with the main impacts likely to be widespread rainfall and storms with the potential for flooding.
"Widespread rainfall is forecast to affect the Gulf of Carpentaria and the western part of the Cape York Peninsula during Wednesday.
"The focus for the heavy rainfall will move east to affect the eastern side of the Cape York Peninsula and the North Tropical Coast later on Wednesday, continuing into Thursday and Friday.
"Daily rainfall totals of 100-150 mm are expected, with localised falls up to 200 mm possible.
"As the system moves east toward the Coral Sea, Queensland's tropical coast can also expect significant falls from Cooktown to south to Port Douglas, Cairns, Innisfail, Mission Beach, Cardwell and Ingham with Townsville on the southern fringe."
EARLIER: A LOW looming off the Gulf of Carpentaria is forecast to form into a tropical cyclone in the next 24 hours.
Both the Bureau of Meteorology and Higgins Storm Chasing are now tipping that the tropical low will intensify into a cyclone North East of Mornington Island, in the southern reaches of the Gulf of Carpentaria.
"Heavy Rain which may lead to flooding is possible from Townsville to Mt Isa," Higgins Storm Chasing posted on its Facebook page.
The BOM said people in some of Queensland's more remote areas should get ready.
"People between the Northern Territory/Queensland border and Cape Keerweer should consider what action they will need to take if the cyclone threat increases," a BOM statement said.
The BOM is also warning of gale force winds in those areas most closely impacted.
The cyclone is presently forecast to make landfall at the mouth of the Gilbert River before hitting the tiny towns of Kowanyam, population 1017 and then Pormpuraaw.