Other names in the frame are Easyjet and Stobart Group. the latter stated an intention to takeover Flybe earlier this year but stopped short after the two airlines were unable to reach agreement on satisfactory terms.
The status of Virgin Atlantic's ownership, a combined 31% of which was recently sold to Air France-KLM and Delta Air Lines, could also play a part on Flybe negotiations.
In a statement by the airline it confirmed it was "reviewing its options" in respect of Flybe but stressed that there was no guarantee an offer would be made.
Shares in Flybe rose to 14.70p in afternoon trading.
Virgin Atlantic is reportedly in talks over a takeover bid
The regional airline put itself up for sale last week after warning over profits earlier in the year.
Last month, Flybe warned its full-year losses would be £22m, blaming falling consumer demand, a weaker pound and higher fuel costs.
Flybe has 78 planes operating from smaller airports including Birmingham, London City, Southampton and Norwich, and flies to destinations across the United Kingdom and Europe.
On top of providing a wider passenger traffic into Virgin Atlantic's long-haul network, a takeover of Flybe would allow Virgin Atlantic to gain access to the take-off and landing slots at London Heathrow Airport reserved to domestic flight.
Trade unions have already raised concerns over the impact of a Flybe's sale on the carrier's 2,300 employees.
It saw group revenues fall 10 per cent or 2.4 per cent on an underlying basis to £409.2 million after it cut capacity by 9 per cent.
Khawaja hits back at Aussie greats in tense on-air exchange
Poised to charge at 3/153 off 16.1 overs, heavy rain swept through Brisbane and delayed the hosts' innings by nearly an hour. Dhawan got India off to a quick start, putting on 35 off 25 balls for the opening stand with Rohit Sharma (7).
Stone Ally Negotiating Plea with Mueller
In response to the revelation on the plea agreement, Stone told ABC News that he is not aware of any plea talks involving Corsi. Jerome Corsi told The Associated Press he has been negotiating a potential plea but declined to comment further.
At least 25 killed as bus plunges into canal in Karnataka
Police had a hard time controlling the crowd as people living nearby thronged the accident site. 'Twenty five people have died. Thoughts and prayers with the bereaved families and with the injured. "Deeply pained the bus accident in Karnataka's Mandya ".