There's no ship to scuttle.

Mark Woodgate, owner of Warrnambool diving supply shop Dive Inn, had hoped the attraction would be in place by now but after the intended vessel was bought by another bidder plans have been put on hold.

Mr Woodgate said interest in the tourist attraction was still strong but the hunt for another ship had taken longer than expected.

"It's pretty much the only thing that's stopping us right now," he said.

"We are still definitely keen and there is a lot of support for it in the community."

Mr Woodgate said he would be interested in hearing from anyone with a ship to spare.

He said the suitable vessel would be about 10 to 20 metres long and would be sunk about 400 metres south of the breakwater next to the heritage-listed La Bella wreck.

"Scuttle wrecks have really increased in popularity over the last few years," he said.

As an enthusiastic wreck diver, Mr Woodgate regularly travels overseas to visit underwater wonderlands created by shipwrecks and said he expected the Warrnambool wreck would attract between 300 to 500 divers every year.

"There is something very special about shipwrecks," he said.

"To be swimming through a corridor where someone once walked or lying down in their bed, it's a very surreal experience."

Mr Woodgate said because the ship would be sunk only 12 metres underwater divers of all skill levels would be able to take guided tours.

"The problem with a lot of wrecks is that they are in very deep water and only experienced divers can get to them but this will be something everyone can get to which is quite unique," he said.