Members of the public have been asked not to approach the animals if they see them and officers are working with specially trained personnel to capture them.
It is believed the sighting is connected to the illegal release of two other lynx earlier this week in the same area.
They were released into the Cairngorms on Wednesday, January 8 and were safely captured the next morning on Thursday, January 9.
The illegal release of the cats has been heavily criticised by charities who look after them and by those who are looking to have lynx rewilded into the public in Scotland.
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A police statement said: “Around 7.10am on Friday, 10 January, we received a report of another two lynx being seen in the Dell of Killiehuntly area near Kingussie.
“Members of the public are asked not to approach the animals and officers are working with specially trained personnel to capture them.
“Enquiries suggest the sighting is connected with a release of two lynx seen in the same area on Wednesday, 8 January. They were safely captured on Thursday, 9 January.
“Enquiries are continuing to establish the full circumstances of both sightings.
“If anyone saw anything in the area or has any information then please call Police Scotland on 101, quoting incident number 0387 of Friday, 10 January, 2025.”