Police and RSPCA experts were alerted by a member of the public and began searching the Lings Wood nature reserve.
Police warned the snake was said to be "several feet long" and could be a Burmese python, one of the six largest snakes in the world
and capable of growing to 20ft.
An RSPCA spokesman said: "It is quite a big wooded area so we still don't know exactly what it was or whether it was a hoax.
"Some of the undergrowth had been flattened so it looks like there has been a large animal there at some point but we just don't know what."
Sally Shapter, who runs Sam's Species, a reptile rescue sanctuary in Northampton, has more than 150 rescued snakes, including three Burmese pythons.
She said she doubted why someone would simply dump an unwanted one as they can be worth more than £1,000.
She said: "Often, people have lost interest and it is not being looked after properly. People sometimes let them go if they can't care for them or they grow and get scared of it.
"I wouldn't think a Burmese python would live long in the wild here. They're used to warm weather and rely on you, the pet owner, to keep them warm."
A police spokesman said: "People are advised not to approach it. Keep a safe distance away and call the police on 999 or the RSPCA on 0300 1234 999."
For more on this story click the following link
Giant snake on the loose in Northampton park