A group planning to make an artificial reef off the South West coast is bidding for a retired warship.
The Artificial Reef Consortium (ARC) wants to sink the 113 metre (371 feet) former frigate HMS Scylla off the east Cornwall coast for divers to explore.
Tuesday is the deadline for sealed bids. Interest in the vessel has also been expressed by commercial breakers and the Cayman Islands Government.
If ARC's bid is successful, the decommissioned vessel will be cleaned up and sunk off Whitsand Bay.
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Coastal towns are now actively competing to have a vessel sunk off their shores
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John Busby
The project has been recently endorsed by the lottery money distribution body, Sport England.
Officials from the South West Regional Development Agency (RDA) have met to discuss a funding application from ARC.
RDA spokesman John Taynton said money to purchase the warship would quickly be made available.
If ARC's bid is successful, HMS Scylla will be professionally cleaned and made safe for divers before she is sunk.
ARC director John Busby said the project could turn Plymouth and south east Cornwall into a world-class diving centre.
Winning bidder
He said: "In New Zealand, coastal towns are now actively competing to have a vessel sunk off their shores because the revenue is such that they want it to happen."
The consortium estimates the cost of the project, including the purchase of HMS Scylla, would be about £250,000.
The Plymouth-built warship is currently based at Portsmouth.
The government's Defence Sales Agency is expected to announce the winning bidder by mid-October.
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