The remains of a 300-year-old warship are to be raised from the sea bed, according to reports.
The wreck of HMS Victory, a predecessor of Nelson's famous flagship, was found near the Channel Islands in 2008.
The British warship, which went down in a storm in 1744 killing more than 1,000 sailors, could contain gold coins worth an estimated £500m.
The Sunday Times says the Maritime Heritage Foundation is set to manage the wreck's raising.
It also reports that the charity will employ Odyssey Marine Exploration to carry out the recovery.
The American company found the ship four years ago, with the ship's identity confirmed by a bronze cannon.
The newspaper says the guns and other reclaimed artefacts will be displayed in British museums, but under the laws of salvage Odyssey is likely to receive the bulk of any treasure found.
A Ministry of Defence spokeswoman said: "Efforts to protect key parts of British Naval history such as the wreck of HMS Victory 1744 are very welcome and we hope to make an announcement shortly."
'Great maritime mystery'
The chairman of the foundation, Lord Lingfield, is a relative of Admiral Sir John Balchin, who was onboard the warship when it sank.
The Tory peer, formerly known as Sir Robert Balchin, told the newspaper that he would not profit from the ship's cargo.
He added: "We will have the satisfaction of solving a great maritime mystery that has been part of my family history since the 18th Century."
The 174ft 9in (53m) ship was discovered by the Florida-based firm in May 2008, nearly 65 miles (100km) from where it was historically believed to have sunk.
At the time, the company's chief executive, Greg Stemm, said: "HMS Victory was the mightiest vessel of the 18th Century and the eclectic mix of guns we found on the site will prove essential in further refining our understanding of naval weaponry used during the era."
The Dutch financial publication, Amsterdamsche Courant, reported on 18 November 1744, a month after the ship sank: "People will have it that on board of The Victory was a sum of 400,000 pounds sterling that it had brought from Lisbon for our merchants."
It was also thought that large quantities of silver and gold coins would have been on board HMS Victory from enemy prize ships captured by Balchin, worth £120,000 at the time.
In a report, the exploratory company said only a cannon, marked with the crest of King George I, has been recovered so far.
The remains of the ship's hull, an iron ballast, two anchors, a copper kettle and rigging have been spotted on the sea bed.
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HMS Victory Project Overview
One of the world's greatest maritime mysteries was solved when Odyssey Marine Exploration discovered the shipwreck of HMS Victory, lost in 1744 under the command of Admiral Sir John Balchin. The direct predecessor and inspiration behind Nelson's flagship, Balchin's Victory was the mightiest and most technically advanced vessel of her age. She was lost during a storm with all hands and was the last Royal Navy warship to be lost at sea with a complete complement of bronze cannon. Two of the greatest admirals in English history, Sir John Norris and Sir John Balchin called her their flagship. Research indicates that Balchin's Victory sank with a substantial amount of specie aboard.
Odyssey discovered the site nearly 100 km from where the ship was historically believed to have been wrecked on a reef near the Channel Islands. In an operation conducted in cooperation with the MOD, Odyssey has completed an archaeological pre-disturbance survey of the site, conducted limited test trenching, and recovered two bronze cannon to confirm the identity of the shipwreck. The cannon recovered include a 12-pounder featuring the royal arms of George II and a 4-ton, 42-pounder bearing the crest of George I. The huge 42-pounder recovered is the only known example of a gun of this type and size currently in existence on dry land. On September 18, 2009, Odyssey announced it reached an agreement with the UK Government on a salvage award for the cannon recovered from the site.
For more information about the preliminary survey and identification of the site, read Neil Cunningham Dobson's and Dr. Sean Kingsley's archaeological paper, HMS Victory, a First-Rate Royal Navy Warship Lost in the English Channel, 1744. Preliminary Survey & Identification (2009).
During these operations and on subsequent monitoring visits to the site, evidence was discovered of substantial damage to the site from natural deterioration, scouring, extensive fishing trawl net damage and the intrusion of modern trash and debris. Read more in Dr. Sean Kingsley's archaeological paper,
