The company said it was looking at the possibility of adding services between Sandown and Southsea.
It said the idea had come from businesses at the island resort who were keen to boost tourism.
If confirmed, the cross-Solent service would operate on two days a week in July and August.
Neil Chapman, managing director of Hovertravel, said: "We're always open to new ideas which might boost tourism to the Isle of Wight and we provisionally agreed the concept, subject to gaining the appropriate permissions."
The plan would be for the service to operate four 25-minute crossings every Tuesday and Thursday from 14 July to 27 August.
The Isle of Wight Council welcomed the plan and said it was currently in discussion with Hovertravel to finalise the details and the use of Sandown Beach for the service.
A new hovercraft route between the Isle of Wight and Portsmouth could be introduced in the summer, operator Hovertravel has said.