Egypt's official Middle East News Agency said on Tuesday, quoting French sources, the divers located the wreckage by detecting the signal which the flight recorders emitted.
French officials were not immediately available to confirm the report.
The Paris-bound flight, carrying 133 French tourists and 15 other people, crashed on Saturday into deep waters off the Egyptian resort of Sharm al-Shaikh.
A French official said on Tuesday salvage workers might have detected a signal from the "black box" flight recorder.
A ''black box'' flight recorder, which records technical data about the flight and conversations between pilots, should help explain what caused the crash.
Egypt had ruled out a terrorist attack.