Opodo is being tipped for an estimated £400 million management buyout, according to reports.
With owner Amadeus looking to dispose of the online flights and travel retailer, speculation is pointing to the directors led by chief executive Ignacio Martos leading an MBO.
Discussions are said to have taken place with potential lenders after Amadeus appointed JPMorgan to look at options for Opodo, including a sale.
Other potential bidders are believed to include Go Voyages, owned by Axa Private Equity.
Amadeus, which raised £1 billion through a Spanish stock exchange listing earlier this year, has declined to comment.