Virgin Atlantic is expected to ask for a government bailout worth hundreds of millions of pounds in the coming days, according to the BBC.
Requests for state aid are also expected from other airlines.
The government has said it will only step in to help struggling airlines “as a last resort” on a case-by-case basis.
However, the Transport Secretary told MPs he can’t rule out the state taking an ownership stake in UK airlines that have been battered by coronavirus.
Grant Shapps told MPs on the Transport Select Committee that nothing had been ruled out in its response to coronavirus for the aviation sector.
Asked by Labour MP Ruth Cadbury if the government would consider buying a share of UK airlines that face collapse, Mr Shapps said: “It was important to save companies that would survive in normal times.
However, the Transport Secretary said current shareholders “must be part of the solution”.
UK-based airlines have already announced measures to save money such as temporarily laying-off staff.
Virgin Atlantic had previously suggested the government offer UK carriers £7.5 billion in credit facilities.
The airline’s founder Sir Richard Branson this week offered to inject £250 million into the Virgin Group, with most of that amount going to the airline.