A group of British treasure hunters have found a chest that could contain up to £100million in Nazi gold in the wreck of a German cargo ship off the coast of Iceland.

UK-based Advanced Marine Services found a box containing up to four tons of valuable metal, believed to be gold from South American banks, in the post room of the SS Minden, which sunk in 1939.

The gold was believed to be on board the ship and headed to Germany when the boat sank 120 miles southeast of Iceland on September 24, 1939, shortly after World War II began.

UK-based Advanced Marine Services found a box containing up to four tons of valuable metal, believed to be gold from South American banks, in the post room of the SS Minden. The Minden's sister ship, SS Porta, which it likely looked similar to, is pictured above

The SS Minden was scuttled - or purposefully sunken - approximately 120 miles southeast of Iceland in September 1939

Advanced Marine Services has applied to the Icelandic government in hopes of gaining permission to cut a hole in the ship to remove the box.

The treasure hunters, who believe the haul belongs to the finder of the box, want to bring the contents back to Britain, according to The Sun.

Earlier this year, the group was accused of looking for the wreckage of the German cargo ship without proper licensing.

Authorities became aware of the firm after a stationary Norwegian research boat Seabed Constructor, rented by the firm, was spotted in Icelandic waters.

According to Iceland Monitor, when the coastguard asked the crew why they were there, they gave 'vague and different explanations', prompting the coastguard to instruct them to dock at a pier Reykjavik before sending in police to question the crew.

Georg Lárusson, director of the Icelandic Coastguard, told the website they did not have a permit to search in Icelandic waters.

Earlier this year, the treasure hunters were accused of looking for the wreckage of the German cargo ship without proper licensing. Authorities became aware of the firm after a stationary Norwegian research boat Seabed Constructor (pictured) was spotted in Icelandic waters

When the Minden was spotted by British cruisers HMS Calypso (pictured) and HMS Dunedin, Adolf Hitler ordered Minden's captain to scuttle - or deliberately sink - the ship so the Royal Navy wouldn't seize the cargo.

He added: 'The first answers we got were that they were looking at an 'interesting target' from the WW II, but couldn't explain it any further.'

The SS Minden set sail from Brazil on September 6, 1939 after officials from Banco Germanico, a subsidiary of German Dresdner bank helped load the ship's cargo.

When the ship was spotted by British cruisers HMS Calypso and HMS Dunedin, Adolf Hitler ordered Minden's captain to scuttle - or deliberately sink - the ship so the Royal Navy wouldn't seize the cargo.

The Minden crew was rescued by the HMS Dunedin and brought to Scapa Flow naval base in the Orkneys.

Historians have claimed records say the cargo on board was worthless, but due to how expensive it is to rent a research vessel, rumours are now circulating that the materials are valuable, with some saying that gold was on board.