Michael O'Leary, ceo of Ryanair, is considering launching a low cost transatlantic carrier in the next three years.
He told a press conference in London that with the demise of airlines in the current economic gloom, cheap aircraft might become available.
"If aircraft fleet prices collapse, it is a real possibility," Mr O'Leary said.
"There may be the opportunity to buy a fleet of long-haul aircraft cheaply next year."
Aircraft ordered by carriers which had subsequently gone out of business could be delivered in 18 months, the Ryanair chief said.
He said the new airline would be separate from Ryanair, Europe's largest low cost carrier, and the investment would come not from Ryanair but its shareholders including Mr O'Leary.
But it would probably use Ryanair European hubs like Stansted, Frankfurt-Hahn and Rome-Fiumicino.
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