Sir Richard Branson is seeking a buyer for Virgin Atlantic by the end of May to save the airline from collapse according to Mirror magazine, UK.
Hopes of getting a £500million government package have been shelved and the airline is now hunting a private investor or investors, The Sunday Telegraph understands.
It's believed there are several potential investors who have asked for more information.
Amongst those interested in rescuing the airline reportedly include Lansdowne Partners, a hedge fund founded by George Osborne's best man Peter Davies, Singapore sovereign wealth fund Temasek and Northill Capital, the fund backed by Ernesto Bertarelli.
Accountancy firm Ernst & Young is also thought to be in the running for any 'potential appointment'.
But putting Virgin Atlantic into administration is also understood to be an option.