Waterford Airport has engaged in preliminary discussions with Ryanair ahead of a potential runway extension.
€12,000,000 worth of funding will be supplied by the Comer Group International in partnership with the Bolster Group.
A business case will be presented to the government in the coming week, and flights to London could return as early as Winter 2024.
Waterford Airport opened in 1981 with its first scheduled flight four years later by Ryanair.
Ten years ago, it was reported that an extension of the runway would be funded by the Department of Transport.
Various airlines used the airport, but in June 2016, VLM ended its London/Luton service, leaving Waterford Airport since then without any scheduled traffic.
Last year, planning permission was granted for a runway extension and associated works, but private sector investment had been slow in arriving.
Speaking on Deise Today with Damien Tiernan, main shareholder at Waterford Airport, William Bolster outlined the current situation.
"We have no control over airlines", said Bolster. "We're only the airport, the infrastructure - which is very important. I've had discussions with Ryanair and the top airlines in the country. In fairness, Ryanair has said that once we deliver the runway - they'll happily talk to us.
Mr. Bolster says they are also in discussions with other airlines as well as Ryanair, and that Waterford Airport attracted a wealth of interest from private investors before a deal was struck with the Comer Brothers.
"You can't ignore another successful company like Ryanair coming into Waterford", he explained. "Only last week, I had a discussion with a new start-up airline, the future of aviation is regional."
