The 81-year-old, who suffers from Alzheimer’s Disease, was found in a storm drain about one kilometre from his home, his wife Vicky said.
Mr Noakes, who is Blue Peter’s longest-serving presenter, was taken to hospital in the city of Palma.
Mrs Noakes said police had told her he did not appear to have any life-threatening injuries.
Police in Andratx on the south west of the Mediterranean island were alerted to his disappearance at around 8am on what has been Spain’s hottest day so far this year.
Officers were joined in their searches by friends of the couple and local residents, and Mr Noakes was eventually discovered in an overgrown culvert less than a mile from their home at around 7pm, 6pm British time.
Mrs Noakes, who was on her way to the hospital to be reunited with her husband, said: “I don’t know exactly what state he is in but the Guardia said that as far as they could see there were no life threatening injuries.
“They are taking him by helicopter to the main hospital in Palma. He has been out in the sun for at least eight hours so I guess he is probably dehydrated.”
He joined Blue Peter in 1965 and stayed for 12 years. He became known as the series’ “action man”, performing stunts, but retired to a quieter life of sailing around the Mediterranean.