Sky News reports that the airline, which handles over half of Britain's domestic flights outside London, has been trying to secure additional financing amid mounting losses.
The airline operates more UK domestic flights than any other, and is reportedly, in talks over potential emergency financing after suffering rising losses, Sky News reported.
It reported that Flybe has been holding talks with the Department for Business, Energy and Industrial Strategy and the Department for Transport (DfT) on whether the government could provide or facilitate any emergency financing to the company.
Some 2,000 jobs are said to be at risk.
"Flybe continues to focus on providing great service and connectivity for our customers, to ensure that they can continue to travel as planned.
Flybe flies 8.5 million passengers each year to 170 European destinations.
Connect Airways, which consists of Virgin Atlantic, Stobart Air and CyrusCapital, paid £2.2 million for Flybe's assets and operations.
Flybe completed the sale of its assets to the group in the deal worth only 1pper share.