The object was found on a sandbank in the Mozambique Channel at the weekend and early analysis suggests it may have come from the doomed jet, which disappeared nearly two years ago.
A Malaysian official has said that there is a "high possibility" the Mozambique debris is from a Boeing 777.
The only trace of the missing jet so far is the single flaperon that washed up on the eastern shore of Reunion Island, east of Madagascar last July, the same corner of the southern Indian Ocean as the new discovery.
The part was verified by French aviation experts after more than one month of forensic analysis.
The aircraft disappeared on March 8, 2014.
Twelve crew and 227 passengers were on board the flight from Kuala Lumpur to Beijing.
Engineers are reportedly looking at the photos of this latest discovery.
The object has the words 'NO STEP' on it and could be from the plane's horizontal stabiliser, sources say.
The Malaysian Minister Of Transport, Liow Tiong Lai, said that it is highly likely the debris came from a Boeing 777, but asked people not to speculate whether it came from the missing jet.
Based on early reports, high possibility debris found in Mozambique belongs to a B777. (1/3)— Liow Tiong Lai (@liowtionglai) March 2, 2016
It is yet to be confirmed & verified. @dca_malaysia working w Australian counterparts to retrieve the debris. (2/3)— Liow Tiong Lai (@liowtionglai) March 2, 2016
I urged everyone to avoid undue speculation as we are not able to conclude that the debris belongs to #mh370 at this time. (3/3)— Liow Tiong Lai (@liowtionglai) March 2, 2016