GeoResonance, a technology firm from Adelaide, Australia, reported that its sensor technology had found a plane in the Bay of Bengal, 118 miles south of Bangladesh.
The marine exploration company has not claimed the find is the missing Flight MH370 but said the possibility should be looked into.
The company uses remote sensing technology to look for oil, gas and mineral deposits.
The find reportedly has the same make-up as a plane and appeared between March 5 and March 10.
Flight MH370 vanished without a trace on March 8 as it flew from Kuala Lumpur, Malaysia, to Beijing, China.
It was carrying 239 people – 227 passengers and 12 crew – when it lost contact with air traffic controllers 120 nautical miles off the east coast of the Malaysian town of Kota Bharu.
By this stage, 52 days into the search, most material would have become waterlogged and sunk
So far no wreckage has been found.
However, teams looking for traces of Flight MH370 have denied GeoResonance's find could be the Malaysia Airlines jet.
"The Australian led search is relying on information from satellite and other data to determine the missing aircraft's location," read a statement from the Joint Agency Coordination Center.
"The joint international team is satisfied that the final resting place of the missing aircraft is in the southerly portion of the search arc."
A Bluefin-21 drone has finished scanning a 314 square-kilometre zone around detections of signals consistent with a plane's black box.
It will now continue to search adjacent areas.
The news comes after Australian Prime Minster Tony Abbott admitted it is "highly unlikely" any debris would still be floating on the ocean's surface.
He said: "I am now required to say to you that it is highly unlikely at this stage that we will find any aircraft debris on the ocean surface.
"By this stage, 52 days into the search, most material would have become waterlogged and sunk.
"I want the families to know, I want the world to know, that Australia will not shirk its responsibilities in this area.
"We will do everything we humanly can to solve this mystery.
"We will not let people down and while the search will be moving to a new phase in coming weeks, it certainly is not ending."
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