Efforts are being made to retrieve sunken treasure worth US$2 million (S$2.6 million) in the Strait of Malacca, Harian Metro reported.
"The authorities in Portugal and I are determined to refloat the Flor De La Mar," said former Malacca chief minister Tan Sri Rahim Thamby Chik.
The ship sank in November 1511.
Portuguese explorer Alfonso de Albuquerque was returning to his home country on the Flor De La Mar, which was carrying a cargo filled with treasures from the Malacca Sultanate, when it sank.
Rahim, who is the chairman of Gagasan Badan Ekonomi Melayu, said Malaysia, Indonesia and Portugal now needed to reach an agreement to salvage the treasures.