Earlier this month, Malaysian Transport Minister Liow Tiong Lai said the government had received proposals from three private search firms - Ocean Infinity, Dutch firm Fugro and an unidentified Malaysian company.
A report by Australia's ABC News claimed that Malaysia has reached an agreement with USA company Ocean Infinity to revive the search for the missing Malaysia Airlines Flight 370 (MH370).
Ocean Infinity's search will focus on the seafloor that has been identified by experts as the "next most likely location to find MH370", the statement said.
However late previous year the Minister for Infrastructure, Darren Chester, said any resumption of the search required precise identification of the final resting place of the wreckage.
Australia led the initial search, after aviation officials identified the ocean floor off its coast as the likely location of the wreckage.
Malaysia has entered into a "no find, no fee" arrangement with Ocean Infinity in a bid to recover the missing MH370 plane and discover the fate of the 239 people on board.
Danica Weeks, an Australian whose husband Paul was on the flight, said she was "ecstatic that the Malaysian government is doing what they need to do to continue to find MH370".
Kuala Lumpur: Malaysia is negotiating with a United States firm to resume the hunt for missing flight MH370, a minister said, in news welcomed by the widow of one of those who had been on board.
The plane carried mostly Malaysian and Chinese passengers, but individuals from 14 different countries were also on board MH370. Some debris definitively linked to the plane has been found, but for the most part its whereabouts remains a mystery.
'I hope the investigative team can release all the information and data they've gathered throughout the whole process and make sure to pass all the information to that firm, which will be taking over the search, ' he said.
On 3 October, the Australia Transport Safety Bureau's final report on MH370 stated that the possibility of finding the aircraft are "better now than it has ever been".
The ATSB issued its final report on the search earlier this month.
Based on radar and satellite communications, the plane was calculated to have plunged into the southern Indian Ocean.