Eastern Airways, which flies to destinations in England and Scotland, has filed a notice of intention to appoint an administrator.
This means the company has 10 days to fix its problems before it officially goes bust, The Sun reported.
Eastern Airways launched in 1997 and serves approximately 1.3 million passengers each year.
If the airline does go bust, flights operated by Eastern will be cancelled - potentially impacting all passengers.
Eastern Airways is also the top provider of charter flights for sports teams in Europe.
This includes Premier League and Championship football teams, Rugby Union teams and Super League teams.
Eastern Airways is fighting to stay afloat after it sought court protection from creditors.
The airline employed around 250 people and generated annual revenues of £60million in 2024.
The airline has routes from London Gatwick, London Southend, Teesside, Newquay, Jersey, Aberdeen and Wick.
Eastern saw one of its routes cancelled last year.
Earlier this year, Eastern Airlines confirmed it would be launching new flights from Newquay, Cornwall to London Southend Airport, Essex.
However, this route no longer appears on its website.
But Eastern Airways' total debt rose by £4.8million to £25.97million, while profits fell to £454,000 from £1.55million a year earlier.
The Daily Mail has contacted Eastern Airways for comment.
It's not the first European airline to be at risk in recent months.
In September, Budget airline Play cancelled all flights from Stansted and Liverpool airports as it ceased operations.
The Icelandic airline said it has gone into administration and all flights were cancelled.
This left hundreds of people without jobs and potentially thousands stranded.
Play Airlines customers were urged to make their own alternative travel arrangements if required.
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