UPDATE 3:57 PM: The plane has landed safely at Paine Field.
A 747-400 cargo plane reporting a malfunctioning hydraulic system will attempt an emergency landing at Paine Field, according to KING 5
The Atlas Air flight has been circling to dump fuel before attempting the landing.
The flight departed Snohomish County at around 2:15 p.m. headed for Chubu Centrair International Airport in Japan.
The Herald reports that the plane is a Boeing Dreamlifter, and that landing gear was functioning when the plane made a low pass over the airport.
We will update this post as more information becomes available.