Unprofitable routes and older aircraft have all combined to contribute to years of losses for one of the country’s biggest fleets.
Having received state funds in July to repay debts and £1.14 billion (20 billion rand) in government guarantees to keep it solvent, Reuters reports the cash is required to keep it afloat.
Credit ratings agencies have already said SAA needs to reform if it is to remain viable.
They added the airline is a drain on the resources of the country which has been in recession since March.
Finance Minister Malusi Gigaba told local radio: "We are in discussions about that (a bailout) and at the medium term budget statement in October I will make the necessary announcement."
The latest round of cash would be used to meet debt obligations and cover operating costs.
The airline said it hoped to turn a profit by 2019 on an EBITDA (earnings before interest, taxes, depreciation and amortization) basis while Gigaba said it should pursue a turnaround strategy “aggressively” to allow it to change its fortunes.
