A method, apparatus and computer program product are provided to support traffic offloading in a manner that relies upon,a wireless access point having a co-located local gateway (L-GW), but that does not require each access point to have a co-located L-GW. In the context of a method, the traffic offloading capabilities of at least one other access point is initially determined. The method may also cause a tunnel to be established with another access point with a co-located L-GW having traffic offloading capabilities. Further, the method cause communications with a network to be conducted via the tunnel established with the another access point so as to utilize the traffic offloading capabilities of the another access point.