The report came in before 7 a.m. at the Wissahickon Transportation Center on Ridge Avenue.
Police tell Action News the report indicated something resembling a circuit box with wires sticking out of it was seen attached to bus #5629.
Video from Chopper 6 HD showed Philadelphia police, SEPTA Police and Philadelphia firefighters surrounding the facility, which was evacuated.
Ridge Avenue was shut down in both directions as explosives experts arrived to investigate.
It was not immediately clear what, if anything, was found.
It was determined that there was no threat, and the all-clear was sounded before 8 a.m.
Ridge Avenue was reopened in both directions.
SEPTA said passengers traveling on Bus Routes 1, 123, 124, 38 and R may experience delays as a result of the incident.