Aer Lingus Regional is tipped to return to the skies by the autumn.
Start-up Emerald Airlines is finalising steps to launch services by October.
Emerald Airlines, which is financially backed by Conor McCarthy and a number of private investors, was named preferred bidder last November by Aer Lingus to operate the Aer Lingus Regional services.
Final contracts are expected to be signed soon, according to the Irish Independent.
Aer Lingus Regional had been operated by Dublin-based Stobart Air under a franchise contract that was due to expire at the end of 2022.
But Stobart Air, which was owned by Southend airport owner Esken, collapsed last month.
Stobart Air – where McCarthy was non-executive chairman from 2018 to 2019 – also held contracts to operate two taxpayer-funded public service obligation (PSO) Irish domestic routes, from Dublin to Donegal and Kerry.
The Irish government is fast-tracking a tender to secure an interim operator for those routes for seven months. It hopes to announce that operator within the next couple of weeks. A competition for a long-term contract for the PSO routes will take place later in the year.
Emerald Airlines was precluded from competing for the seven-month contract award as it does not yet have its Air Operators Certificate.
McCarthy reportedly said Emerald hopes to fulfil all conditions to secure its AOC and its Irish operating licence by September. That will enable it to tender to operate the PSOs when the four-year contract becomes available.
Emerald’s first two turboprop aircraft are currently being prepared for service at Exeter Aerospace, a company owned by McCarthy’s Dublin Aerospace.
The fledgling airline has already hired its first dozen pilots and 12 cabin crew, who are undergoing operational conversion courses in Toulouse.
McCarthy said Emerald should have 14 aircraft in service and about 400 staff by the end of next year.
Emerald Airlines is in detailed negotiations for four of its additional aircraft and has been offered 34 aircraft to fill the final eight that will make up its fleet.