The sale announcement comes weeks after Flybe warned over profits following falling demand and a £29 million hit from rising fuel costs and the weak pound.
Flybe, independent regional airline from United Kingdom, is looking into a potential sale and is already in talks with "a number" of strategic operators.
The group has appointed Evercore to assist it with the review, and said that parties with a potential interest in making a proposal should contact the financial adviser.
The announcement came as the carrier reported a fall of more than half in pre-tax profits to £7.4m for the six months to the end of September, compared to £16.1m in the same period previous year.
Revenue also slipped by 2.4 per cent to £409.2m for the period.
Net debt ballooned from £59.1m in March 2018 to £82.1m for the airline's latest period, while cash flow shrank by nearly £25m to £70.6m, with the firm blaming weak sterling.
It added that Brexit remained a major uncertainty for the sector and the wider economy and that a no-deal scenario would "put at risk, or damage, parts of the business".
Basic earnings per share dropped by more than half to 3.5p, and Flybe said it will not pay a dividend.
That warning sent shares in the company plunging by 40%.
"Continued improvements are being seen into quarter three which demonstrates the popularity of Flybe for our customers".
The UK carrier is affected by weaker sterling value, softening short-haul market growth and, of course, increasing fuel prices, according to the company CEO Christine Ourmières-Widener. In fact, the profit plunged by more than half (54% in particular), as past year, it was £16.1 million.
Flybe is now reviewing its business in terms of cash management, cost savings and capacity reduction. We remain confident in the vital role that Flybe plays in United Kingdom connectivity.