The gunmen shouted "Allahu akbar" as they opened fire on tables of people who were gathered for breakfast at the Radisson Blu Hotel in Bamako, a witness said.
Officials from the French military mission in Mali, the European Union and the United Nations were at the resort this weekend, the security official added.
French military spokesman Col. Patrik Steiger said he had "strictly no information" about French military involvement in the incident at the Campement Kangaba.
Suspected jihadists attacked a hotel resort Sunday in Mali's capital, taking hostages at a spot popular with foreigners on the weekends.
The assault on the Kangaba Le Campement resort comes after a similar strike less than two years ago on a luxury hotel in Bamako, which lies in the south of the troubled country.
Last week, the US Embassy in Bamako warned of an increased threat of attacks in Bamako.
A tourist resort near the capital of Mali is under attack by gunmen, according to multiple media reports.
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That attack was claimed by the militant group al-Mourabitoun, which said it collaborated with an al-Qaida affiliate in the violence.
This breaking news story is being updated and more details will be published shortly.
Andrea de Georgio, a freelance journalist in Bamako, also quoted officials as saying that at least two people were killed.
The UN has a 12 000-strong force known as Minusma in Mali, which began operations in 2013.
Malian troops and soldiers from France's Bakhane regional counter-terrorist force were surrounding the site, a resort boasting accommodation in hut-style rooms as well as restaurants and swimming pools. It has been targeted constantly by jihadists, with dozens of peacekeepers killed.
A Dingo tank of the Bundeswehr, the German armed forces, enters Camp Castor after returning from a trainings mission on March 6, 2017 in Gao, Mali.