Ryanair executives are currently developing a sister airline that would make low-cost transatlantic flights with a fleet of 30 to 50 long-haul aircraft.

Ryanair CEO Michael O'Leary mentioned the plans to reporters during a flight from Dublin to Germany today.

'We've been approached by a number of airports in the US who are very keen to see us start a long-haul, low-fare service and we're working on plans to start flying the Atlantic,' Mr O'Leary said.

He added he does not think the company's own money should be invested into the new airline, which would be an associate company rather than part of Ryanair.

Destinations such as New York, Florida, Dallas and San Francisco might be served from major Ryanair bases such as Stansted, Dublin, Frankfurt, and Barcelona.

Mr O'Leary checked reporters onto today's promotional flight by saying '€10 tickets to New York'.

Unlike Ryanair's current model, Mr O'Leary believes the new airline should offer a premium service as well, one costing more than full-service carriers such as British Airways.

Last month's 'open skies' deal between Europe and the US will make transatlantic flights cheaper once its implemented.