Up to £10m of private money could be spent on upgrading Alderney's airport.
Terry Holding wants a long lease on the airport
Guernsey businessman Terry Holding is offering to invest the cash and take over the running of the airport from Guernsey's States.
Mr Holding wants a long lease on the airport in return. The site's losses are costing taxpayers £500,000 a year.
Derek Coates, the new boss of the airline formerly known as Rockhopper, recently described the airport as "Third World".
As well as building a new terminal, Mr Holding said he would also upgrade facilities at the site, such as aircraft hangars and a new Post Office sorting depot.
He says he would agree to keep landing fees within reasonable levels to protect passengers from high air fares.
The Alderney Airport Working Party, made up of politicians from both islands, said the proposal offers "the opportunity of a lifetime", and it plans to present it to Alderney's States and people.