AirAsia is planning a joint venture with India's TATA group.
Earlier this month it ended a joint venture in Japan over differences with its partners taking back the aircraft.
AirAsia is a profitable budget carrier that reviews and prices its network on an ongoing basis.
The Sunday Times newspaper quoted Ranjeewa Senaratne, who head of sales and marketing for Sri Lanka as saying that they hoped to resume flights as early as August through AirAsia X, the group's long-haul unit.
The airline was in talks with Sri Lankan civil aviation authorities over the flights the report said.
AirAsia Malaysia and had a weekly frequency to Colombo from Kuala Lumpur until early this year.
Thai AirAsia also operated for some time from Bangkok and terminated the flights earlier.
The Colombo-Malaysia run was about 3.
5 hours and was terminated in February 2013.
"Routes less than three hours allow better revenue returns due to more sectors flown and AirAsia have remain focused on that strategy hen