An aircraft is a highly intricate system that features numerous subsystems, assemblies, and individual components for which regular maintenance is inevitable. The operational efficiency of an aircraft can be maximised, and its maintenance needs can be reduced using an effective yet automatic AI-based health monitoring systems which are more efficient as compared to designing and constructing expensive and harder to operate engine testbeds. It has been observed that aircraft engine anomalies such as undergoing flameouts can occur due to the rapid change in the temperature of the engine. Engine oil temperature and cylinder head temperature, two measures connected to this issue, might be affected differently depending on flight modes and operational conditions which in turn hamper AI-based algorithms to yield accurate prediction on engine failures. In general, previous studies lack comprehensive analysis on anomaly prediction in piston engine aircraft using modern machine learning solutions. Furthermore, abrupt variation in aircraft sensors' data and noise result in either overfitting or unfavourable performance by such techniques. This work aims at studying conventional machine learning and deep learning models to foretell the possibility of engine flameout using engine oil and cylinder head temperatures of a widely used Textron Lycoming IO-540 six-cylinder piston engine. This is achieved through pre-processing the data extracted from the aircraft's real-time flight data recorder followed by prediction using specially designed multi-modal regularised Long Short-Term Memory network to enhance generalisation and avoid overfitting on highly variable data. The proposed architecture yields improved results with root mean square error of 0.55 and 3.20 on cylinder head and engine oil temperatures respectively averaged over three case studies of five different flights. These scores are significantly better i.e., up to 84% as compared to other popular machine learning predictive approaches including Random Forest, Decision Tree Regression, Artificial Neural Networks and vanilla Long Short-Term Memory networks. Through performance evaluation, it can be established that the proposed system is capable of predicting engine flameout 2 minutes ahead and is suitable for integration with the software system of aircraft's engine control unit.