Concorde could be displayed on the South Bank by end of 2012

"We have been involved in ongoing discussions with directors of British Airways on the relocation of a Concorde to a purpose built display platform, over the Thames, next to the London Eye," says Club Concorde in an updated posted this week on its website.

"If these discussions proceed as well as we hope, the Concorde could be on display by the end of 2012."

Club Concorde hopes to bring G-BOAB, currently languishing at Heathrow Airport, to a prominent position on the Thames in central London.

The club was formed in 2007 with the intention of returning one of the supersonic planes to working condition – an aim which has not been realised.

The group estimates that the process of obtaining planning permission from Lambeth Council will take four months and cost £500,000.

"If consent is given, then construction of the platform and the new jetty can commence," says Club Concorde on its website. "This in turn will take up to six months and will cost around £10 million."

It is claimed that a boat moored alongside the Concorde platform will incorporate a shop, exhibition and Mach 2 restaurant serving Concorde cuisine.

It is not clear how the project will be funded. Club Concorde has removed from its website an earlier boast that an unnamed City of London corporate investment company was "confident of raising the £20 million ... needed to cover the cost".

With the group appealing to supporters to help bring Concorde to the South Bank by paying just £10 for life membership it is hard to see how the sums add up.

The close proximity of the proposed platform to the listed County Hall and the Westminster World Heritage site also means that gaining planning permission is likely to be a challenge.