The '60s set drama started off strong for ABC with 11.06m viewers, but had dipped to just 3.77m by the season finale.
Though the network is expected to axe the series, producer Sony TV is keen to sell Pan Am to a cable channel, according to Deadline.
The series recently won the Golden Rose award for best series at the Rose d'Or Festival, which is thought to have revived interest.
Starring Christina Ricci, Margot Robbie, Karine Vanasse and Mike Vogel, the first 14-part season of Pan Am focused on the pilots and stewardesses of the famous airline at the beginning of the commercial jet age.
Vanasse originally tweeted that the series had been cancelled in November, but ABC later refuted the rumours.
The first season concluded on February 19.