
The Arctic Sea had last been sighted in the Bay of Biscay on 30 July.
Reports citing local coastguards now suggest it has been seen some 400 nautical miles from the Cape Verde islands, off the coast of West Africa.
Russian navy ships have been searching for the 4,000-tonne Maltese-flagged vessel, which had been carrying timber.
Observers have suggested the ship was hijacked, possibly because of a Russian commercial dispute.
Following the reported sighting, a spokesman for the French defence ministry told the BBC that the Arctic Sea was thought to be in international waters.
The spokesman said his information came from the Cape Verde coastguard, who said the ship was outside their jurisdiction. He was unable to confirm the coastguard's report.
However, the spokesman said there was a "high possibility" that the ship had been located. French intelligence officials also believe they have found the ship in the same area, he said.
There has been no confirmation yet from Russian authorities that of any sighting of the Cape Verde.
The Russian ambassador to Cape Verde, Alexander Karpushin, said a Russian frigate was heading to the area but had no information on the Arctic Sea's location, Associated Press reported, quoting Russian radio.
Five Russian warships and other vessels have been searching the Atlantic for the vessel.
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