A measurement of the exclusive two-photon production of muon pairs in proton-proton collisions at at a centre-of-mass energy 7 TeV with the final state $p \mu^+ \mu^- p$, is reported using data corresponding to an integrated luminosity of 40 pb$^-1$ collected in 2010. The measured cross section is obtained with a fit to the dimuon $p_T$ distribution for muon pairs with invariant mass greater than 11.5 GeV with each muon $p_T > 4$ GeV and $|\eta| < 2.1$.