A firm, DTZ, has been appointed to review options for the future of the 145-year-old City of Adelaide, currently resting on a slipway on the west coast of Scotland.
The Sunderland-built ship, which predates the Cutty Sark, carried passengers and wool cargo between Australia and Britain on 28 round trips. Later known as the Carrick, it was abandoned to the elements at Irvine, North Ayrshire.
Scottish culture minister Fiona Hyslop said: "There are several options to consider: whether the Carrick is moved to Sunderland, Adelaide, or retained in Scotland. The alternative is a managed deconstruction of the vessel.