ITV and a number of national news outlets have reported the airline, which was bought by a Virgin Atlantic, Stobart Group and Cyrus Capital Partners consortium last year, is seeking additional funding to save itself.
Sources told ITV that EY is on standby to take over the administration of the Flybe Group if talks are unsuccessful.
The government is reportedly aware of the airline’s problems and is in discussions over whether it should intervene.
There would reportedly be 2,000 jobs on the line, with the carrier operating from Belfast, Birmingham, Manchester and Southampton.
