Hull design company InterTech have offered their memorial design for free, after plans to use another design collapsed.
Stand 12, the fishing heritage group behind building the memorial, had planned to use a teardrop-shaped design put together by artist Gordon Young and landscape architects Urban Colour Design.
But after they split up, Stand 12's plans went back to square one.
Now Andrew Fenton, boss of Intertech, has offered his firm's design for free. The memorial would be built from recycled material, and would form the silhouetter of a trawler.
Mr Fenton, himself the son of a trawlerman, said: "There's situations like the Titanic, where fifteen hundreed people were lost at sea, and there's been memorials all over the world recognising that event. Yet this city lost almost 8000 men, and yet, we've got no memorial."
"There's no grave. I should imagine if you're a family that's been affected by one of these tragedies, it must be very difficult to get closure, because there's no funeral. A line is just drawn in the sand at that particular time, and you just have to get on with it, and move on."
"We did the design on the profile of a stern trawler, with members of the crew on the deck, and the trawler setting off for sail. If a lot of families saw their relatives off on a trip, that would be the last sight they would see."