The accident happened at the junction of Astley Road and Stamford Street just after midday.
The couple were driving a red Hyundai Amica when it collided with silver Audi A3
The driver and front seat passenger of the Hyundai, a man in his 70s and a woman in her 80s, were taken to hospital where their conditions are described as serious but stable.
The driver of the Audi, a man in his 50s, was taken to hospital with minor injuries.
PC Paul Joynson, of GMP’s Serious Collision Investigation Unit, said: “The elderly couple have very serious injuries and we are appealing to anyone who witnessed the collision, saw either of the two vehicles before the incident or has dash-cam footage which may help our enquiries to get in touch.”