EasyJet founder Sir Stelios Haji-Ioannou has declined to be drawn on weekend speculation that his new airline venture will operate long haul flights.
He is reported to be working on plans to offer transatlantic flights to compete against British Airways and Virgin Atlantic through a new carrier, Fastjet.
The planned start-up is unlikely to compete with EasyJet on low-cost European routes, according to the Sunday Telegraph.
Sir Stelios is also thought to be working in partnership with other entrepreneurs who are already attempting to build an airline.
He refused to comment on his plans for Fastjet in an interview with the newspaper.
He and his family hold a 37.4% stake in easyJet and the budget airline company is thought to be considering legal action against Sir Stelios for breach of the terms of a letter stopping him setting up a rival airline.