A flirtationship is a relationship between two friends, where both people engage in flirtatious behavior without the promise of becoming anything more. This is very different from the Friend Zone and the Friends with Benefits. A flirtationship is situated somewhere in between those two.
A flirtationship is something that develops between two friends who are aware that they have an attraction for each other but cannot or choose not to pursue it because of extenuating circumstances. Though you may give hints or you may exchange sweet words, it’s never explicitly stated if there really is an attraction there.