On Tuesday, PortsToronto issued a notice to anyone who might be interested in purchasing the vessel and removing it from the harbour.
Interested parties have until 10 a.m. on April 13 to submit proposals that must meet certain criteria.
Ten days later, PortsToronto will make a decision regarding the proposals that have been brought forward.
The Federal Court will have to sign off on any proposal favoured by PortsToronto.
The key goal is to get the boat out of the harbour by 10 a.m. on May 11.
A local businessman, James Sbrolla, had agreed to purchase the ship last year, but the deal stalled.
Erin Mikaluk, a spokesperson for PortsToronto, told CBC News that the funds Sbrolla and his group had made was returned last year.
Mikaluk said the port authority put the process of relocating the boat on hold during the winter.
The boat remains in its place at the foot of Yonge Street.