Rival carriers are reported to the circling to snap up valuable airport slots left vacant with the collapse of Flybe.
Lufthansa and Air France-KLM are understood to have shown interest in seven pairs of take off and landing slots at Heathrow and five pairs at Amsterdam Schiphol airport.
However, potential suitors may have to acquire the business from administrators and take on much of its liabilities to obtain the slots, The Telegraph reported.
The latest incarnation of Flybe failed with the loss of 277 jobs on January 28 with 75,000 forward bookings after losing £5 million a month.
The slots may be returned to a central pool run by the airport co-ordinator if a buyer is not found.
A spokesperson for joint administrators Interpath Advisory told there newspaper: “The administrators remain in active discussions with credible parties.
“Additionally, there are a range of important stakeholders who remain supportive of the process.”