Police in Andratx had been searching for Noakes, who has Alzheimer's disease, after they were alerted by the 81-year-old's wife Vicky at about 9am local time.
Local police told the BBC he was spotted by a helicopter at around 18:45 local time close to his home.
He is now in hospital and his wife is with him.
An update on the town's Facebook page said that Noakes had been taken to hospital and was in a stable condition.
Noakes presented the BBC children's show for 12 years from 1966 to 1978.
Police and civil guard had been searching for him in the village. They said his wife was worried "because of his state of health and the heat, which is around 35C (95F) today."
Two photos of Noakes had been posted on the local council's Facebook page asking people to look out for him.
Noakes moved to Majorca with his wife after a round the world yacht trip was cut short when their boat was badly damaged by a giant wave off the coast of North Africa.
They had embarked on the trip after Noakes quit Blue Peter in 1978 and Go With Noakes 18 months later.
Noakes, who trained as an aircraft engine fitter before training as an actor, was 31 when he made his first appearance on BBC One's Blue Peter.
He became a firm favourite with fans for his friendship with his border collie Shep and became the show's longest-running presenter.
Famous for his on-air efforts to calm down his lively dog, Noakes was often heard saying "Get down Shep!" which prompted the Barron Knights' 1978 song of the same name.
Former Blue Peter presenter John Noakes has been found after going missing from his home in Majorca.