Australia has said the location was consistent with models of where ocean drifts could have carried the debris since the plane disappeared in March 2014.
The 3.3 foot piece of metal was found on a sandbank at the weekend, the BBC reported.
This month it will be two years since MH370 disappeared, while en route from Kuala Lumpur to Beijing, carrying 239 passengers.
Malaysia’s transport minister Liow Tiong Lai stated on Twitter that based on early reports, there was a "high possibility debris found in Mozambique belongs to a B777".
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However, he cautioned: "I urge everyone to avoid undue speculation as we are not able to conclude that the debris belongs to MH370 at this time."
Tiong Lai added that Malaysian aviation teams were working to retrieve the debris in conjunction with their Australian counterparts.
Australia’s minister for infrastructure and transport Darren Chester said in a statement that the location of the piece was consistent with drift patterns of debris and "reaffirms the search area for MH370 in the southern Indian Ocean".
The piece would be transferred to Australia where it would be examined, he said.
It comes after authorities found a piece of the plane’s wing on the shore of Reunion island in the Indian Ocean last year.
News reports said the new object had been discovered on a sandbank off the coast of Mozambique, allegedly by an American man who had been tracking the investigation into the missing flight.
According to satellite communications data, MH370 is thought to have crashed in the Indian Ocean.
