Officers rushed to Goldfinch Street following reports gun shots had been fired at around 11.30pm on Wednesday, May 19.
Police believe a man in his 30s was approached by three men who threatened him with a knife before firing a gun into the air.
The man was not injured by the gunshot.
An investigation has been launched and enquiries are underway to establish the full circumstances.
DC Stephen Rotherham, of Preston CID, said: "We are keen to speak to anyone with information about this incident.
"I believe someone will be able to help our enquiries.
"If you saw the firearms discharge, or the man being threatened, please come forward."
Detectives are keen to speak to any witnesses and anyone who may have CCTV footage of the incident.
Anyone with information has been urged to contact police by calling 101, quoting log number 1745 of May 19.
Alternatively, independent charity Crimestoppers can be contacted anonymously on 0800 555 111 or via their website https://crimestoppers-uk.org/.
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