At around 1:30 p.m. police spotted a man on Laird Drive that they say is wanted by police.
The suspect left in what police believe was a stolen vehicle and police immediately stopped their pursuit.
The stolen vehicle then struck the woman at Yonge Street and Eglinton Avenue.
The woman, in her 50s, was rushed to a trauma centre hospital in serious condition.
The vehicle was driven away from the scene and later abandoned on Burnaby Boulevard, police said.
A male and a female fled from the vehicle, according to police.
No arrests have been made yet.