Metal recycling company GH Newbery and Son has said it will contribute towards buying former Royal Navy flagship HMS Ark Royal.
Along with engineering firm A&P Falmouth, the companies will pay the £3.5 million purchase costs and act as a £3 million guarantor if the Ministry of Defence agrees to sell the ship to them. A decision is expected in a few weeks.
It would then be used by Torbay-based diving group Wreck the World as a diving location in Torbay once it is stripped and sunk.
However, there are other proposals put to the Ministry of Defence from other potential purchasers including turning it into a commercial heliport in London, a nightclub, a school in China and a casino in Hong Kong.