As far as bycatch goes, this one was a whopper — a giant squid hauled in by the crew of the Empress Pearl off the west coast of Tasmania.

The South East Trawl Fishing Association reported the squid was estimated to be close to three metres long and weighed up to 100 kilograms.

According to the association, not only was the squid enormous, it was also potentially worth a lot of money.

In 2005, the Melbourne Aquarium paid $100,000 to buy, transport and display a 250-kilogram giant squid caught by fishermen off New Zealand's South Island.

But skipper Alec Harvey threw away his chance of potentially making big bucks out of bycatch.

After photographing the squid, the crew threw the creature back over the side.

In 2007, an even bigger giant squid washed up on a beach near Strahan on Tasmania's west coast.

That specimen was about six metres long.

It is thought there are eight species of giant squid, with estimates putting their maximum size at 13 metres for females and 10 metres for males.

Claims of specimens measuring 20 metres or more have not been scientifically documented.

So while Mr Harvey's squid may have been a little on the small side, it still may have netted him a small fortune from an interested aquarium or museum.