Australian and Chinese planes reported seeing several objects floating about 2,500km south-west of Perth.
Prime Minister Tony Abbott said two objects -- the first grey or green and circular and the second orange and rectangular -- located by an Australian P3 Orion aircraft in the area.
A Chinese Ilyushin-76 plane reported spotting "white and square" objects in the same location.
The HMAS Success ship is in the area and attempting to recover the objects, he said.
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Abbott said a US Navy Poseidon, a second Royal Australian Orion and a Japanese Orion are also en route to the search area where new objects were located from air. Chinese Icebreaker Xue Long is also heading towards the area.
"I caution again ... That we don't know whether any of these objects are from MH370, they could be flotsam," he said.
"Nevertheless we are hopeful that we can recover these objects soon and they will take us a step closer to resolving this tragic mystery," he added.
Malaysia also confirmed the news with Prime Minister Najib Razak tweeting, "Just received a call from Australian PM @tonyabbott -2 objects were located & will be retrieved in the next few hours."
Malaysian Defence and Transport Minister Hishamuddin Hussein two unidentified orange objects and a white drum had been sighted but had no other details.
Emphasising that search for the Boeing 777-200 will continue, Hishamuddin said 18,500 sq nautical metres had been searched so far and the Air France crash team was working closely with Malaysia.