The beleaguered domestic carrier made the announcement to the London Stock Exchange on Wednesday (November 14).
Financial advisor Evercore has been appointed to oversee the sale, or a merger process.
The airline said it was in discussions with a number of “strategic operators” over a potential sale.
Sky News reports Stobart Group, which signed a five-year franchise deal with Flybe in March 2014 under the Stobart Air banner, could be in the frame.
This is despite Stobart abandoning a takeover bid mounted earlier this year and reporting significant costs from the franchise arrangement.
