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Ryanair could offer low-cost, transatlantic flights within the next five to 10 years, the company's Chief Executive has said.

Michael O'Leary admitted there was no chance of the budget airline operating the flights before then, because there is currently a shortage of long-haul aircraft available.

But he said he hopes that Ryanair would be able to fly to the US during his time as Chief Executive.

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Ryanair could offer transatlantic flights within the next five to 10 years, the company's Chief Executive has said

'We've had a business plan ready to roll for a transatlantic, low-fares airline,' he said.

'The difficulty is, I keep cautioning, is that there's no availability of long-haul aircraft for another four or five years.

'So unless we can secure a fleet of low-cost aircraft, frankly, the business doesn't get off the ground.

'The future is very hard to foretell, it certainly is unlikely to happen within the next five years, but I'd be disappointed if it doesn't happen within the period, maybe, five to 10 years.'

Ryanair Chief Executive Michael O'Leary has previously said the airline could offer US flights for as little as £8

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Mr O'Leary's comments come after he previously announced in February that the Irish airline could offer passengers flights to the US for as little as £8.

The airline intends to offer the cheap flights from between 12 to 14 European cities to the same amount of destinations in America.

He told the Irish Hotels Federation conference in Meath that Ryanair would offer the €10 (£8.21) flights to Boston and New York. Flights back to Europe from the US would cost £6.

However, he admitted that passengers would need to pay extra for everything from meals to baggage.

He said: 'We can make money on 99 cent fares in Europe. Not every seat will be €10 of course; there will also need to be a very high number of business or premium seats.'

Last year he said: 'There is 15 per cent of the public who will pay for the frills and you will be mad to switch off from that'.

Mr O'Leary has previously said that 'a fleet of 30, 40, 50 aircraft and not two, four or six' would be required to get the operation up and running.

Ryanair has long been accused of luring customers in with low fares while charging sky-high fees for 'extras'.

Mr O'Leary has been the face of Ryanair for almost 20 years and has a reputation for being outspoken.

His plans were dismissed by the chief executive of US airline JetBlue in March.

Dave Barger said Mr O'Leary's claims that transatlantic tickets could be sold for €10 one-way to Boston and New York from the UK and other European locations adding: 'There's just no way.

'There's such hype that comes out of certain airlines.'