Update July 30, 7:35 a.m. EDT: 

A Boeing manual shows serial numbers that correspond to a certain part of the aircraft. The code 657BB found on the flaperon of the debris is shown in the manual.

Authorities have already confirmed that the debris found in Réunion Island in Indian Ocean Wednesday is of a Boeing 777. Malaysian Airlines Flight MH370, carrying 239 passengers, which completely disappeared while over the South China Sea March last year could be the source of the debris recently discovered, Reuters reported.

Bureau d'Enquêtes et d'Analyses (BEA), the plane crash investigation department of France, in coordination with the Malaysian and Australian experts, have been investigating the wreckage since Wednesday. They say it's too early to declare anything yet, but recent developments have been leading them to a more positive identification of the lost flight, Reuters added.

After the debris with an identifiable code was found, Australian Prime Minister, Warren Truss, mentioned that is was not a serial number but could have been used as a maintenance number for a plane part. He said, "This kind of work is obviously going to take some time although the number may help to identify the aircraft parts - assuming that's what they are - much more quickly than might otherwise be the case," The Guardian reported on their live update.

According to recent updates, an Air Austral mechanic based in the Réunion Island, together with the French military, confirmed with a 99.9 percent possibility that the debris is of a Boeing 777. The debris of the plane stamped with the identification code 657-BB could help the authorities determine which airline it was attached to, based on the update of the Journal de L'île de la Réunion to The Guardian.

Australians officials also said that the barnacles found on the remains of the Boeing could help them identify how long the wreckage has been in the water.

A dilapidated suitcase has been found at Saint-André, near the wreckage. Its connection to the wreckage has not been confirmed yet since it looks like it has not been in the water that long, The Guardian added.

The wreckage is two meters long (6 feet) and was washed up to the east of Madagascar on Wednesday. Jacquita Gonzales, wife of a MH370 passenger said, "A part of me hopes that it is (MH370) so that I could have some closure and bury my husband properly but the other part of me says 'no, no, no' because there is still hope," according to the BBC.

More as the story develops...