Mary Rose sank off Portsmouth in 1545 in front of Henry VIII

The historic wreck is housed at the Mary Rose Museum in Portsmouth, along with various Tudor artefacts.

Most of Henry VIII's flagship was raised from the Solent in 1982 after 437 years under the sea.

Mary Rose Trust says the existing museum needs to be replaced and has unveiled plans for a �20m development plan for the site.

'Amazing story'

It is hoped the project will be finished by 2011 - the 500th anniversary of the maiden voyage of the Mary Rose.

The trust is hoping to receive substantial funding from the national lottery but will also need to raise more than �1m from local businesses through its "Because She's Ours" campaign.

John Lippiett , the trust's chief executive, said: "Nowhere else in the country is better placed to tell this amazing story.

"She is a Portsmouth ship and we hope that the people and businesses of Portsmouth and the South East will really support the appeal - 'Because She's Ours'."

Since 1982 more than six and a half million people have visited the museum.