The previous administration had promised up to $70 million to a Texas-based firm if it found the plane within 90 days.
A U.S.-based tech company will lead the renewed hunt for the jetliner that vanished in 2014.
The debris was first discovered near Tanzania in June.
“It is highly likely that the latest piece of debris being analyzed is from missing Malaysia Airlines flight MH370."
Debris Discovered In South Africa, Mauritius 'Almost Certainly' From Missing Malaysia Plane, Authorities Say
Flight MH370 disappeared in March 2014 with 239 passengers and crew on board, shortly after taking off from Kuala Lumpur bound for Beijing.
The Malaysia Airlines jet vanished more than two years ago.
Malaysia is sending a team of investigators to inspect the wreckage.
Australia will test the piece as part of the investigation into the missing Malaysia Airlines flight.
Families of the 239 people on the Malaysia Airlines plane still wait for answers.
The debris does not match those of a Boeing 777 and the part numbers found on the debris were not listed on the Malaysia Airlines parts catalogue manual.