Port St Mary Commissioners have put in a planning application to construct a memorial site for the Mona's Queen anchor.
The right location for the anchor has been subject to much discussion since the anchor was raised and returned to the Island, the brainchild of the late Andrew Douglas and Hamish Ross.
The vessel sank as it took part in the Dunkirk evacuations in 1940.
Chairman of Port St Mary Commissioners, Christopher Kinley, says he believes Callow Point is an ideal place for the sort of memorial people had in mind.
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