Any potential plans for an international airport in Co Wicklow would have to show a business case that benefits the public, the Transport Minister has said.
A Middle Eastern consortium is looking at plans to build the project in Arklow which could serve both short and long-haul international flights.
It is believed a number of farmers and landowners have been approached to sell their land so it to be used in the development of East Leinster International Airport.
It is understood the location has been chosen due to its close proximity to the N11 motorway and rail services.
A property consultant behind the plan previously told Newstalk a meeting with the majority of land owners in the Arklow Bay Hotel "was very positive".
Transport Minister Eamon Ryan said the Government has yet to receive such an application.
"There are a variety of different parties looking to invest in various different airports," he said.
"Before you invest public money you have to ensure that there's a business case that actually benefits the public and that there's value for money in that.
"We haven't received any application, if I did we'd have to assess it."
Minister Ryan said Ireland can only host a certain number of airports.
"What we're seeing is a very significant increase in passenger numbers in Dublin Airport and in Cork, Shannon and in Knock - as well as the regional airports," he said.
"In my mind the business case if all the airports are built, it would undermine the business case of every one.
"I think some of the ambitious plans are unlikely to see fruition because there's only a certain number of airports that the island can actually support," he added.
The planners say East Leinster International Airport would have a catchment area of some 1.9 million people.
The plans also include areas for passengers to sleep while waiting for flights, known as sleep pods.
There would also be long and short-term car parking spaces, as well as parking bays and charging facilities for electric vehicles.
The airport could directly create "up to 18,000 jobs" and over 140,000 indirectly, according to the plans.
Additional reporting: Sheila Naughton