Rex looks set to be saved from administration, with US aviation company Air T reportedly landing a deal to take over the beleaguered regional airline.

Rex – formally Regional Express – collapsed into voluntary administration last July after its debt spiralled out of control.

It has continued flying regional routes after being bailed out by the federal government to the tune of $130 million, but now looks set to exit administration.

Both the Australian Financial Review and Sydney Morning Herald have reported the Nasdaq-listed Air T has reached an agreement to buy Rex, 15 months after it collapsed.

"It's relatively small, with a total value of about $100 million," 9News finance editor Chris Kohler said.

The takeover is yet to be formally announced by either Air T or R

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