6 October 2014
Last updated at 07:48 ET
The Turks were taken prisoner from their country's consulate in Mosul, Iraq, in June and released last month.
Officials confirmed Mr Suleman, from High Wycombe, disappeared in Turkey.
The Foreign Office is providing consular assistance to his family but there has been no confirmation that he was one of the Turkish government-held prisoners.
"We are aware that a British national was reported missing in Turkey in 2014," a spokesman said.
The Times said it was passed a leaked list of those handed over to IS and the two Britons were among the names.
The newspaper alleges the list also includes three French citizens, two Swedes, two Macedonians, one Swiss and one Belgian.
It also suggests the prisoner agreement included IS fighters held in Turkish hospitals and prisons, as well as those in the hands of moderate Syrian rebels.
University place Mr Suleman had been a student at the Royal Grammar School in High Wycombe.
In a statement dated 3 October, the school said it had been approached by the "relevant authorities" a few weeks ago and it had fully co-operated.
It said Mr Suleman had worked hard to build on his AS grades to achieve a "solid set" of A-levels and had gained a place at university.
The school described him as "a very engaging and amiable student who fitted in well, forming good relationships with his peers and staff".
The statement also said Mr Suleman had travelled to Syria as part of an aid convoy for a Turkish charity last summer.
The Times spoke to Mr Folkard's father, described as a devout Roman Catholic.
He asked to remain anonymous and said he hardly knew either of his two sons as their mother "took them away".
He said she had let them go to Yemen to study Islam and at that point he "cut them off completely".
The BBC's security correspondent Frank Gardner said the 46 Turkish hostages were a huge "bargaining chip" and IS must have got something in return.
What is not known is if the two British men were among the estimated 180 prisoners, he added.
The release of the Turkish hostages hit the headlines at the end of September. There were 49 in total - 46 Turkish citizens and three Iraqis - and included the Turkish consul, diplomats, special forces police and children.
Little explanation was given for their release but Prime Minister Ahmet Davutoglu said Turkey's MIT intelligence agency had led the operation.
At the time, Turkish President Recep Tayyip Erdogan did not deny reports there had been a prisoner swap and stressed no ransom had been paid.
The hostage release paved the way for Turkey, which shares a long and vulnerable border with Syria, to play a more active role in the US-led fight against IS.
Last week, its parliament backed a motion allowing its military to join the coalition in Syria and Iraq.
IS - also known as Isis or Isil - controls large swathes of Syria and Iraq after rapid advances through the region in the summer.
Since August, IS has filmed and posted online the deaths of four Western hostages who were beheaded.
They were US journalists James Foley and Steven Sotloff and British aid workers David Haines and Alan Henning.
A suspected British militant, dubbed Jihadi John, has featured in the IS videos.
Security authorities believe more than 500 British nationals have travelled to Iraq and Syria to fight on behalf of Islamic State and other militant groups.
by Emily Straton and Biodun Iginla, BBC News
Reports
that UK jihadists were involved in a prisoner swap between Islamic
State (IS) and Turkey are "credible", Whitehall officials have told the
BBC.
The Times alleges that Shabazz Suleman, 18, and Hisham Folkard, 26, were among as many as 180 IS fighters traded for 46 Turkish hostages.The Turks were taken prisoner from their country's consulate in Mosul, Iraq, in June and released last month.
Officials confirmed Mr Suleman, from High Wycombe, disappeared in Turkey.
The Foreign Office is providing consular assistance to his family but there has been no confirmation that he was one of the Turkish government-held prisoners.
"We are aware that a British national was reported missing in Turkey in 2014," a spokesman said.
The Times said it was passed a leaked list of those handed over to IS and the two Britons were among the names.
The newspaper alleges the list also includes three French citizens, two Swedes, two Macedonians, one Swiss and one Belgian.
It also suggests the prisoner agreement included IS fighters held in Turkish hospitals and prisons, as well as those in the hands of moderate Syrian rebels.
University place Mr Suleman had been a student at the Royal Grammar School in High Wycombe.
In a statement dated 3 October, the school said it had been approached by the "relevant authorities" a few weeks ago and it had fully co-operated.
It said Mr Suleman had worked hard to build on his AS grades to achieve a "solid set" of A-levels and had gained a place at university.
The school described him as "a very engaging and amiable student who fitted in well, forming good relationships with his peers and staff".
The statement also said Mr Suleman had travelled to Syria as part of an aid convoy for a Turkish charity last summer.
The Times spoke to Mr Folkard's father, described as a devout Roman Catholic.
He asked to remain anonymous and said he hardly knew either of his two sons as their mother "took them away".
He said she had let them go to Yemen to study Islam and at that point he "cut them off completely".
The BBC's security correspondent Frank Gardner said the 46 Turkish hostages were a huge "bargaining chip" and IS must have got something in return.
What is not known is if the two British men were among the estimated 180 prisoners, he added.
The release of the Turkish hostages hit the headlines at the end of September. There were 49 in total - 46 Turkish citizens and three Iraqis - and included the Turkish consul, diplomats, special forces police and children.
Little explanation was given for their release but Prime Minister Ahmet Davutoglu said Turkey's MIT intelligence agency had led the operation.
At the time, Turkish President Recep Tayyip Erdogan did not deny reports there had been a prisoner swap and stressed no ransom had been paid.
The hostage release paved the way for Turkey, which shares a long and vulnerable border with Syria, to play a more active role in the US-led fight against IS.
Last week, its parliament backed a motion allowing its military to join the coalition in Syria and Iraq.
IS - also known as Isis or Isil - controls large swathes of Syria and Iraq after rapid advances through the region in the summer.
Since August, IS has filmed and posted online the deaths of four Western hostages who were beheaded.
They were US journalists James Foley and Steven Sotloff and British aid workers David Haines and Alan Henning.
A suspected British militant, dubbed Jihadi John, has featured in the IS videos.
Security authorities believe more than 500 British nationals have travelled to Iraq and Syria to fight on behalf of Islamic State and other militant groups.
Islamic State
Features and Analysis
-
From the shadows
As Islamic State (IS) seeks to expand the territory under its control in Iraq and Syria, Paul Wood charts the rise of jihadists.
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Short-term gain?
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'Adapt or die'
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Phoney war
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'Prisoners in Mosul'
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Stopping foreign recruits
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Fuelling conflict
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Khorasan threat
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Coalition weaponry
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Is force legal?
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Beaten and starved
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Warning from Raqqa
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Fertile ground
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Reasoned case
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Air power not enough
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Battle in maps
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Who to trust
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IS in 60 seconds
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