A pulse signal with a frequency of 37.5 kHz per second was discovered 1,500 miles off the coast of Perth, Australia.
The Xinhua News Agency confirmed the find made by the patrol vessel.
Hours later debris was spotted by a Chinese air ship, with a number of white floating objects seen in the search area in the Indian Ocean.
Australia authorities said the electronic signals were consistent with an aircraft black box but warned that it could not be confirmed as having a connection to MH370.
This week a Towed Ping Locator was deployed to the search area after an almost month long surface search failed to find anything.
The black box is equipped with a locator beacon that transmits 'pings' when underwater, but which only has an expected battery life of around 30 days.
Angus Houston, the head of the Australian agency coordinating the operation, said time was fast running out on the window in which the black box could be found.
The plane disappeared on March 8 – meaning there are just days left to find the black box.
A black box detector deployed by the vessel, Haixun 01, picked up a signal at around 25 degrees south latitude and 101 degrees east longitude.
The report said it was not established whether that the signal was related to the missing jet.
The Australian government agency coordinating the search would not immediately comment on the report.
The 128-metre Haixun 01 patrol ship can reportedly travel for 10,000 nautical miles before it needs to refuel.
It is one of two Chinese vessels currently deployed in the search area.
It is believed the ship had relocated to a position north of the main search area, fuelling speculation the Chinese authorities may have had information prior to the discovery.
Sky news has said the claim has also been reported by a Malaysian government source, but this has not been officially confirmed.
Radar expert Professor David Stupples said it was unlikely the signal could be omitted by anything else - but would remain sceptical until further evidence emerged.
SPOTTED: More debris has been seen in the search area of the Indian Ocean [XINHUA/PHOTOSHOT] Speaking to Sky News he said:"It could be the black box or it could be something extraneous.“It could be the black box or it could be something extraneous. I don't know anything else that puts out the 37.5kHz signal”Professor David Stupples
"I don't know anything else that puts out the 37.5kHz signal.
"My worry is the range. If this is in 2,000-3,000 metres of water, the range of the pinger is one to two kilometres (1,000 to 2,000 metres) at best.
"My recommendation would be to move the ships with the pinger locators very much closer to this, first of all to confirm this is the signal, and then two or three ships around it to do triangulation to fix the location."
Xinhua also said a Chinese air force plane spotted a number of white floating objects in the search area.
Tensions between China and Malaysia have been growing, with many relatives of those on board the plane criticising the way the search has been handled.
Speaking at a news conference this morning, acting transport minister Hishammuddin Hussein rejected claims that Malaysia was to blame for the tragedy and vowed to continue the hunt.
He said: "Let me touch on some unfounded allegations made against Malaysia.
"These allegations include the extraordinary assertion that Malaysian authorities were somehow complicit in what happened to MH370.
"I would like to state for the record that these allegations are completely untrue.
"As I've said before, the search for MH370 should be above politics, and so I call on all Malaysians to unite, to stand by our armed forces as they work in difficult conditions thousands of miles from home, and to support all those who are working tirelessly in the search for MH370."
The Boeing 777 disappeared en route from Kuala Lumpur, Malaysia, to Beijing with 239 people aboard.
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