"The timing of the sighting has been confirmed by CCTV but the identity of the child remains unclear.
The boy was running down West Pilton Gardens towards the coast - about half a mile from Mikaeel's home.
Police say he appears to be unaccompanied and is wearing a cap.
They want to speak to anyone who saw the boy or who thinks it may be their child to eliminate the sighting from their inquiries.
Hundreds of people have joined in the search for missing Mikaeel as police said they are becoming increasingly concerned.
An army of volunteers have braved the wet and cold to sign up and help officers comb the streets in search of the boy.
Police admitted this morning they are 'deeply concerned' for his welfare after having received no confirmed sightings of the boy since they launched an investigation more than 40 hours ago.
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Scores of people are gathering at a nearby neighbourhood centre to help with the search
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