Researchers at the National Museum of the Great Lakes in Toledo, Ohio, want to pick up the remains of a boat that sank in Lake Erie in 1829.
According to the American researchers, the size, design and location of the wreck would match: it would be the remains of the Lake Serpent.
Scientists want to try to fish some parts of the boat this summer.
Several wrecks have been found in Lake Erie in recent years.
Lake Erie is the shallowest of the Great Lakes and, with its strong winds, has been the scene of many shipwrecks.
If the research proves conclusive, it would be one of the oldest wrecks found in the smallest of the Great Lakes.
For the moment, researchers have peeled newspapers of the time to find a historical concordance.
They are also working to raise funds to send divers to remove sediment from the wreckage to help identify the vessel.
Andrew Haglin was born and raised in Ohio. Andrew has worked as a journalist for nearly a decade having contributed to several large publications including the BBC World and CNET. As a journalist for Cleveland Post Gazette, Andrew covers state news and human interest stories.