Malaysia will reportedly announce plans to resume the search for missing Malaysia Airlines flight MH370.

A “no-find, no-fee” offer by US company Ocean Infinity is believed to be favoured by the Malaysian government after a two-year search headed by the Australian Navy failed to find any wreckage, The West Australian (TWA) reported.

However Dutch company Fugro, which was involved in the original search, is believed to have provided a counter offer with a low-fee proposal.

The plane disappeared on March 8, 2014, on the way from Kuala Lumpur to Beijing with 239 people on board, and the Australian-led search for the aircraft was suspended in January this year.

Critics claimed the search was abandoned prematurely as families continue to struggle to find closure over the mysterious loss of their loved ones.

The families of the victims have maintained the pressure on searchers. Photo: Getty

TWA reported that Ocean Infinity proposed to use six Hugin autonomous under-water vehicles that can operate at depths of up to 6000 metres to collect high-resolution data at “record-breaking speeds”.

A two-year search of the original 120,000 sq/km search area has failed to expose any sign of the wreckage.

Earlier this month, authorities said they now have a better understanding as to where the plane might be.

The Australian Transport Safety Bureau (ATSB) published its final 440-page report into the largest search of its kind in aviation history.

“We … deeply regret that we have not been able to locate the aircraft, nor those 239 souls on board that remain missing,” the report said.

“Despite the extraordinary efforts of hundreds of people involved in the search from around the world, the aircraft has not been located.”

It added that it was “almost inconceivable and certainly societally unacceptable”, in an era where 10 million passengers fly daily, for a large commercial aircraft to be missing.

A new  analysis of satellite images from 2014 pinpointed an area of less than 25,000sq/km that has the highest likelihood of housing MH370.

“The understanding of where MH370 may be located is better now than it has ever been,” the ATSB said in a statement.

In March, Western Australian researchers claimed to have plotted the location of the MH370 crash site after using a reverse-drift model that successfully predicted where 18 of the 22 pieces of located Boeing 777 debris were found.

The model puts MH370 at Longitude 96.5 East, Latitude 32.5 South, within a 40km radius, UWA oceanography professor Charitha Pattiaratchi said, north of the 25,000 square kilometre search area identified by the Australian Transport Safety Bureau (ATSB) last year.

-with AAP