Fossett, 63, took off in single-engine Bellanca Super Decathlon airplane from a Nevada ranch on September 3, 2007 and has not been seen since.
Canadian geologist and adventurer Simon Donato, who will lead the team of volunteers, said the search would be carried out in the Sweetwater Mountains near the spot where Fossett was last seen.
Donato said the team would comb up to 35 km (22 miles) of rugged terrain a day for the billionaire.
'Even if we don't find remains of Fossett's plane, at least those people who carry out searches in the future will know where we have been and where we have searched," he added.
Should the search fail, another attempt to locate Fossett and his plane will be carried out in August.
Fossett's widow, Peggy, has issued a statement saying she is not involved in the new search, and has "no further plans for additional searching."
