The airfield which houses the Red Arrows will be sold off by the Ministry of Defence as part of budget costs.
RAF Scampton in Lincolnshire was opened in 1916 and is also famous for being the base from which the Dambusters raid was launched during the Second World War.
Offloading the base is part of the ministry’s efforts to save £3bn by 2040, according to The Times.
The Red Arrows, which have been at the base for over 20 years, will be relocated to another airbase.
It is not clear where the Red Arrows will go following the sale, a source told The Sun, which is due to be completed by 2022.
The source said: “We know the local community will not be happy but the numbers don’t lie.
“It’s a far better use of money to sell. One thing is certain, the Red Arrows’ future is safe.”
Scampton employs around 600 people and is also the headquarters of 1 Air control Centre, which protects the UK’s airspace from hostile aircraft.
When contacted for comment, the Ministry of Defence directed The Independent to a written ministerial statement which would be made later on Tuesday.
The Red Arrows aerobatic team is world-famous for its stunts and daredevil displays.
Earlier this year, an RAF engineer died after one of their distinctive Hawk jets crashed in North Wales.
The MoD is expected to make £1.7bn in savings in the next 10 years, prompting concerns the defence budget is under too much strain.
Last month, the Commons Defence Committee called on the government to increase defence spending from 2 per cent to 3 per cent of GDP, a boost of around £20bn a year.
Committee chairman Julian Lewis said the hike was necessary “to place our defence policy on a sustainable basis to meet new threats and fill existing financial ‘black holes”’.
