A schooner carrying the sarcophagus is thought to have sunk in waters off Cartagena in 1838.
Egypt wants to search for the sarcophagus of the Pharaoh Menkaure in Spanish waters off Cartagena, and finance is already being assembled for the project.
The EFE news agency quotes sources in the Egyptian government, with the General Secretary of the Supreme Council for Antiquities, Zahi Hawass, said that the National Geographic channel had been asked to help in funding the search.
They wanted to employ Robert Ballard, the man who found the Titanic, to lead the search.
The sarcophagus went down when the schooner Beatrice went down when it was being taken with other pieces to the British Museum in London in 1838.
The sarcophagus had been found in 1837 by the British archaeologist Howard Vyse.