Founder David Neeleman of JetBlue Airways Corp was reported to have put together an investment fund. The said fund is valued US$3.2 billion to buy back the company and take control in Portuguese airline TAP TAPA. UL as reported by Folha de S.Paulo on Friday.

According to the report, the Brazilian State Development Bank will contribute US$600 million for a 20% state in the fund. Azul Linhas Aereas' shareholders were also reported to participate in the deal. The report added that David Neeleman will contribute 5% of the total funds. The report did not identify its sources.

The shares of JetBlue rose nearly 4.4% to US$6.35.

A representative for JetBlue Airways did not give any statement about the rumors or speculation.

Azul Linhas' spokesperson denied the report while the Brazilian State Development Bank said that it would not comment about the issue.

The speculation about Neeleman buying back JetBlue started several years ago. He told CNNMoney in an interview last April 2011 that buying the company back was always an option. However he added that it was not a great investment at that time.