According to a "no-find, no-fee" contract awarded to the seabed exploration firm, Ocean Infinity, the latter will receive up to 70 million dollars if successful.
The new search zone is an area of approximately 25,000 square kilometers in the Indian Ocean, the report said.
The amount the company will receive depends upon where the aircraft or the parts of the aircraft are found.
According to the reports, Ocean Infinity will command a fee of 20 million dollars, if the debris field (scattered remains of the plane at the bottom of the ocean), cockpit voice recorder or flight recorder are discovered within the first 5,000 sq km.
The fee will rise up to 70 million dollars if any of those items are found outside the initial 25,000 sq km area.
"It is my hope that we will find the answers that we've sought for nearly four years and bring some closure to this unfortunate incident," Malaysian Transport Minister Liow Tiong Lai said.