The SS Gairsoppa was carrying seven million ounces of silver, worth £132m at today’s prices.
The 412ft steel-hulled ship was torpedoed while in the service of the Ministry of War Transport. Odyssey Marine Exploration said it had confirmed the identity and location of the shipwreck site, nearly 15,000ft down about 300 miles off the coast of Ireland in international waters.
The Odyssey team carried out remotely operated vehicle operations from the ship Odyssey Explorer to inspect the site.
The salvage operation is expected to begin in the spring.