The wreck of a Russian warship reputed to be holding $176 billion in gold bullion has been found off a South Korean island.

A team of international experts discovered the remains of the cruiser Dmitrii Donskoi – sunk 113 years ago - near the island of Ulleungdo, the UK Telegraph reports.

Two manned submersible craft filmed the wreck last Saturday 425 metres beneath the ocean after the team from Canada, South Korea and UK found it.

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Footage showed major damage to the vessel suffered during its clash with Japanese battleships in May 1905.

Its armaments were covered in marine life, while the ship’s anchor and wheel are also revealed.

The Dmitrii Donskoi, part of the Russian Imperial Navy, during the 1905 Russo-Japanese War. (Supplied)

The warship’s identity was confirmed when one of the submersibles’ crew read the name on its stern during an inspection.

The Seoul-based Shinil Group is managing the salvage operation.

"We spotted things that look like treasure boxes, but we have not opened them yet," a company spokesman told The Korea Times .

The Dmitrii Donskoi was part of a Russian Imperial Navy force fighting against Japanese in the 1905 war between the two nations.

It has been reported the warship was carrying the 5,500 boxes filled with gold bars along with a haul of 200 tonnes of gold coins.

Shinil Group estimates the gold to be worth 150 trillion won ($176 billion) in today’s value.

The company plans to raise the wreck in October or November. It said half of any treasure found would be donated to the Russian government.