An eyewitness told the Tele that the crash on Saturday appeared to involve two cars and a bus.
Emergency crews attended the scene around 3pm and police were diverting traffic.
Three people were taken to hospital, with one of them having to be freed from a vehicle by firefighters.
An onlooker said: "Someone was taken away on a stretcher."
The accident and subsequent road closure caused tailbacks in Greenock town centre.
Traffic Scotland said Dalrymple Street had to be shut in both directions following the collision between the Bullring roundabout and Tesco.
The westbound lane reopened about an hour after the accident.
The eastbound side remained shut until the bus was removed later.
All three people injured in the smash have been released from hospital.
They sustained minor injuries.
Police say no one will be charged in connection with the incident.
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