Fossett, whose small plane was missing Thursday in rugged northern Nevada, is a friend of Branson and has collaborated with him on past aviation adventures.
Branson, the founder of Virgin Airways, told the British newspaper The Telegraph that studying recent satellite images available through Google to see if a new crash site can be located.
Fossett disappeared in a mountainous area east of Lake Tahoe while scouting locations for an attempt to break the land speed record. There has been no signal detected from a locating device on the plane.
Branson said he was hopeful that Fossett, who is a skilled glider pilot, was able to set the plane down safely in a flat area in the event after experiencing engine failure.