The businessman is believed to be looking to introduce easyHoliday, an “online cheap flights and hotels internet portal”, according to a report in The Daily Telegraph.
The portal is expected to open next year, in line with the brand licensing agreement signed with easyJet last month.
Under the terms of that agreement, Sir Stelios is prohibited from launching a competing business within 12 months but is free to do so from mid-October 2011.
The 50-year agreement gave easyJet exclusive worldwide rights to the use of the brand.
The airline said at the time that the agreement provided “greater operational and commercial flexibility” to increase revenues by paving the way for co-branding and promotional activity without needing the consent of Sir Stelios.