Play, which began flying from Stansted in June, has applied to the US Department of Transportation to operate scheduled and charter services from and via Iceland from 2022.
If successful in its application, Play would fill the gap left by Wow Air, an Icelandic carrier that offered budget flights to the US via Reykjavik. Wow Air collapsed in March 2019.
The new carrier listed shares on Nasdaq First North Growth Market Iceland in July.
It took delivery of its third Airbus A321 aircraft last month and plans delivery of a further three aircraft in 2022.
