Australia's Jetstar and Malaysia's AirAsia are in talks about a potential cost-saving joint venture between the two low-cost carriers.

"Qantas confirms that its wholly owned subsidiary, Jetstar, and AirAsia have entered discussions regarding a potential cost saving joint venture," says Qantas.

"However, these discussion are at a preliminary stage and no binding agreements have been reached," it adds.

The joint venture will not involve equity and the two airlines will remain separate businesses, says a Jetstar spokesman.

"The focus is on cost saving, nothing more, nothing less," he says.