The 65-foot-wide disk-shaped object was discovered in the mud at the bottom of the Baltic Sea nearly 300 feet below the surface between Finland and Sweden.
The Ocean Explorer team, led by Swedish researcher Peter Lindberg, found the object while on a hunt for a century-old shipwreck believed to be holding several cases of expensive antique champagne.
"You see a lot of weird stuff in this job, but during my 18 years as a professional I have never seen anything like this. The shape is completely round," Lindberg told local media. Lindberg claims to have spent hundreds of hours watching sonar images of the sea floor and this find is a first for him.
The placement of the object proved to be more interesting than the object itself, with evidence of a long trail of displaced seabed outline nearby. The scars and marks of the nearby earth suggests that the object left a trail from where it crashed to where it ultimately laid on the ocean floor.
Much speculation has arisen regarding the identification of the object. Due to the low resolution of the sonar photos provided by the Ocean Explorer team, much of the speculated evidence is questionable, even Lindberg's report that the object is round.
Some believe that the finding was an unidentified flying object (UFO) or an extraterrestrial visit from possible aliens in a flying saucer.
One report insists the object is the Millennium Falcon starship made famous by the hit movie series "Star Wars" due to the round shape and forks.
Discovery News reported that amongst the reports surrounding the object, one conjectured that it could be a rotating gun turret broken off a World War II ship.
Other reports suggest it is a natural formation of the ocean floor like an underground volcano.
The team, whose main focus is to search the sea floor for rare vintage alcohol dating back to World War II, does not plan on researching the object any further, citing insufficient funding and the fact it could be a costly endeavor for something which could turn out to be pointless.
"It is not in our sphere of interest to go for this object since the cost for each hour out on the sea are tremendous ... since it might be nothing," Lindberg said. "It's up to the rest of the world to decide what it is."