The economic weekly says the airline has approached businessman Ishak Ismail, whose family owns Raya Airways, to acquire the carrier, and talks are ongoing, according to people familiar with the matter.
AirAsia and Raya Airways did not immediately respond to requests for comment.
Teleport, AirAsia’s logistics unit, said in November that it intended to expand its freighter fleet and expand its cargo business.
According to the report, Raya Airways executives are unwilling to sell the carrier as they are considering an IPO.
Last week, AirAsia was listed as PN17 by the Malaysian Stock Exchange, a label given to companies in financial difficulty. The company said it was working on a plan to “regularize its financial situation”.