It is expected that a decision on the immediate future of services from Waterford Regional Airport will be made by the middle of this month.
The airport is currently in discussions with a number of airlines with a view to replacing British Regional's current daily service to London, which is due to finish in January.
If the talks are unsuccessful, the airport would be left without any daily scheduled service, but its future is not under threat, according to the airport's manager, Mr Peter Tawse.
Discussions would continue, he said, until a replacement service was found.
While the loss of the British Regional service is a blow, the airport's management believes it could open the door to a much-needed early-morning service to London, which is not currently available to the business community.
If the talks with an airline considered the front-runner prove successful, a new twice-daily service, including an early-morning flight to London and a second one later in the day, would be in place by Christmas, Mr Tawse said.
The aircraft is a 48-seater, compared with the 30-seater which currently flies the same route.
"This gives us the potential to increase our passenger numbers tenfold over the next two to three years," Mr Tawse added.
"Admittedly, that's from a very low base, but the negotiations we've had with the [Public Enterprise] Minister, Mary O'Rourke, have highlighted the fact that the most simple way forward is to develop the market with what we've got."
In the long term the airport still hopes to secure Government funding for an extension to its runway, enabling it to accommodate jet aircraft.
British Regional has run daily lunchtime flights to Stansted Airport for the past three years, carrying about 20,000 passengers each year.