A ONE million-plus replacement for the iconic Comet paddle steamer replica is being considered by councillors, the Telegraph can reveal.

Inverclyde Council's budget working group — which is currently discussing spending priorities for next financial year — is understood to be in talks about the price tag.

Sources within the Municipal Buildings have revealed that the Port Glasgow Regeneration Forum, tasked with 'commemorating Comet', currently has funds of £550,000 and that a further half-a-million pounds is being sought.

The cost of replacing the current rotting replica of Henry Bell's original 1812 steamboat, Europe's first commercially successful passenger ferry, had previously been put at between £250,000 and £750,000 — sums that councillors baulked at.

A source told the Telegraph: "The council is planning on spending one million on a new replica for the Comet.

"People will no doubt ask if this would be money well spent."

Another source said: "The Port Glasgow fund stands at £550,000 for the Comet project and they want another £500k.

"It's going through the members' budget working group now."

There is still no finalised plan of action for Comet, 27 months after the council was told in a £5,000 marine architect report that the current ship — which has been neglected for more than a decade — is beyond repair.

Port councillor Drew McKenzie previously urged cheaper alternatives than the £250-750k price range, stating: "What we are really talking about going forward is an ornament — a shell of a boat.

"The cost for such a production need not be prohibitive and we in the Port Glasgow Regeneration Forum will be looking closely at how this can be best achieved."

It now appears that the Port's regeneration forum, in conjunction with a council-established Comet Working Group is now looking at the possibility of a much more costly option.

When approached by the Tele, the council did not deny that a potential £1m Comet is being discussed as part of spending talks ahead of the local authority fixing its 2022/23 budget.

A Municipal Buildings spokesman said: "The council is committed, following the report which set out that the Comet replica in the town centre is beyond repair, to funding a solution to ensure the history and heritage is marked in town.

"The town centre regeneration forum is currently examining the options around the Comet replica including where potential funding could come from.

"The council's members budget working group is not a decision-making body within the council but one that brings together representatives from the groups and independents within the council to examine the delivery of a balanced budget.

"It would be purely speculative to discuss any individual proposals that may or not be discussed there at this stage.

"Any budget proposals for the council to consider would be published as part of the council’s normal budget-setting arrangements with a meeting currently expected to be held on February 24 to set the budget and council tax and would not be agreed until then."