Liow said the debris was discovered near Mosselbay town.
"Based on early reports, there is a possibility of the piece originating from an inlet cowling of an aircraft engine," but a further examination and analysis are needed to verify whether it belongs to Flight 370, he said in a statement.
Liow said a team will be dispatched to retrieve the debris. The Malaysia Airlines jet disappeared on March 8, 2014, with 239 people on board while flying from Kuala Lumpur to Beijing. The plane remains one of the biggest mysteries in modern aviation.
Two more possible pieces of debris which were discovered recently in Mozambique are being examined by an international investigation team in Australia.Investigators have said the search will end by June unless fresh clues are found.