The pallet was spotted by a search plane Saturday, but has not been closely examined. Wooden pallets are commonly used in shipping, but can also be used in cargo containers carried on planes.
It was the latest in a series of clues experts and searchers are trying to run down to solve the mystery of what happened to Flight 370 when it disappeared on March 8 with 239 people on board.
Mike Barton, chief of Australian Maritime Safety Authority's 's rescue coordination center, told reporters in Canberra, Australia, that the wooden pallet was spotted by a civilian search aircraft on Saturday , and it was surrounded by several other objects including what appeared to be strapping belts of different colors.
Read: More planes join ocean hunt
A New Zealand P3 Orion military plane was then sent to find it but failed, he said.
Hand-written notes on how a crew member should report the sighting of debris in the southern Indian Ocean is pictured on a window aboard a Royal New Zealand Air Force P-3K2 Orion aircraft searching for missing Malaysian Airlines flight MH370. REUTERS
"So, we've gone back to that area again today to try and re-find it," Barton said. A merchant ship in the area has also been sent to try to identify the material.
"We went to some of the expert airlines and the use of wooden pallets is quite common in the industry," Barton said. "They're usually packed into another container which is loaded in the belly of the aircraft. ... It's a possible lead, but we will need to be very certain that this is a pallet because pallets are used in the shipping industry as well."
Malaysia Airlines asked The Associated Press to submit questions via email for comment on whether Flight 370 had wooden pallets aboard when it disappeared. There was no immediate response.
When Brazilian searchers in 2009 were looking for debris from Air France Flight 447 after it mysteriously plunged into the Atlantic Ocean, the first thing they found was a wooden pallet. The military first reported that the pallet came from the Air France flight, but then said six hours later that the plane had not been carrying any wooden pallets.
Australian Navy's HMAS Success, seen from the widow of a Royal Australian Air Force AP-3C Orion, searches for missing Malaysia Airlines flight MH370 in the southern Indian Ocean, Australia. AP
Recent updates from AMSA
# Four civil aircraft now in MH370 search area. Three aircraft currently en route.
# A civil aircraft arrived in the MH370 search area at midday AEDT. Five more aircraft are now en route.
# AMSA's latest update on the MH370 search is available here: http://bit.ly/1gdCyJ5
# Air observers for today's MH370 search include 20 SES volunteers from Western Australia.
# A total of eight aircraft will be involved in today's MH370 search. HMAS Success is also conducting search activities today.
# Two civil aircraft and a US Navy P8 Poseidon aircraft are now en route to the MH370 search area.
Search area from 18th March to 23rd March
Credit : AMSA
Police intervene as Chinese anger mounts over fate of MH370
'Extraordinary riddle' of MH370 now enters third week
Dimensions of missing Malaysian jet MH370
In Australia, eight search planes departed from a military base near Perth on Sunday to scour an area about 2,500 kilometers (1,550 miles) away in an extremely isolated part of the southern Indian Ocean. Satellite images, the most recent released by China on Saturday, have showed large objects floating in the area that experts want to check to see if they came from the jet.
Air and sea searches since Thursday have not produced any results.
John Young, manager of the Australian Maritime Safety Authority's emergency response division, said Sunday's search was mainly relying on human eyes.
"Today is really a visual search again, and visual searches take some time. They can be difficult," he said.
Barton said while the weather was not as good at the start of the day with sea fog and low cloud, it was clearing up later Sunday.
A Royal Australian Air Force AP-3C Orion takes off at RAAF Pearce Base to join the search for the missing Malaysia Airlines flight MH370 in Perth. AFP
Despite the frustrating lack of answers, Australian Prime Minister Tony Abbott was upbeat.
"Obviously we have now had a number of very credible leads and there is increasing hope - no more than hope, no more than hope - that we might be on the road to discovering what did happen to this ill-fated aircraft," Abbott told reporters in Papua New Guinea.
The Australian Maritime Safety Authority said it had refined the search based on the latest clue from the Chinese satellite showing an object that appeared to be 22 meters (72 feet) by 13 meters (43 feet). It said the object's position also fell within Saturday's search area but it had not been sighted.
Sunday's search has been split into two areas within the same proximity covering 59,000 square kilometers (22,800 square miles). These areas have been determined by drift modelling, the AMSA said.
Malaysian Defense Minister Hishammuddin Hussein put a message on his Twitter account Sunday asking those in churches around the country to offer a "prayer please" for the passengers and crew on Fight 370.
More than 300 Malaysian cycling enthusiasts rode their bikes to the Kuala Lumpur airport to remember the people onboard the jet. The cyclists decorated the bikes with small Malaysian flags and stickers that read "Pray for MH370."
China releases new images of 'debris'
Search area: Distant, dangerous, dazzling
Final communication from MH 370 published by British Daily
The latest satellite image is another clue in the baffling search for Flight 370, which dropped off air traffic control screens March 8 over the Gulf of Thailand with 239 people on board.
"China hopes that these data will be helpful for searching and rescuing efforts," Chinese Foreign Ministry spokesman Hong Lei said in a statement.
The missing plane, which had been bound for Beijing, carried 153 Chinese passengers.
After about a week of confusion, Malaysian authorities said pings sent by the Boeing 777-200 for several hours after it disappeared indicated that the plane ended up in one of two huge arcs: a northern corridor stretching from Malaysia to Central Asia, or a southern corridor that stretches toward Antarctica.
The discovery of the initial two objects by a satellite led several countries to send planes and ships to a stretch of the ocean southwest of Australia.
Two military planes from China have arrived in Perth, and the AMSA said they would join the search on Monday. They join Australian, New Zealand and U.S. aircraft. Japanese planes are also expected soon.
Because the search area is a four-hour flight from land, some of the planes can search for about only two hours before they must fly back. Others may be able to stay for up to five hours before heading back to the base.
Malaysian authorities have not ruled out any possible explanation for what happened to the jet, but have said the evidence so far suggests it was deliberately turned back across Malaysia to the Strait of Malacca, with its communications systems disabled. They are unsure what happened next.
Police are considering the possibilities of hijacking, sabotage, terrorism or issues related to the mental health of the pilots or anyone else on board.
Images released by China
A Chinese satellite image of an object spotted in the southern Indian Ocean that could be wreckage from missing Malaysian Airlines flight MH370. (Reuters)
Search area of the reported position by Chinese satellites
Credit : AMSA