Flybe says the Isle of Man is one of 12 destinations that could get a new route to Heathrow - if expansion plans for the London airport are approved.
The UK government will decide if the hub airport can have a third runway - last week Heathrow said if that plan was approved it would provide extra capacity by 2021.
Flybe says it's reviewing the feasibility of 12 new routes from Heathrow, including one to Ronaldsway, to take advantage of the expansion before any third runway would open.
The Isle of Man hasn't had a direct route to Britain's biggest airport since 2001 - BA CitiExpress bought out Manx Airlines and sold off its landing slots there.
Heathrow says its plans would mean an extra 25,000 flights a year from 21 domestic destinations - and it would offer a £10 discount for passengers flying there from a UK airport until 2037.
The airport says as part of its proposal it would offer a £10 million route development fund until 2021.
A final decision will be made by the UK Transport secretary Chris Grayling later this month.
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