The 790ft (241m) El Faro disappeared while sailing from Florida to Puerto Rico with 33 crew on board.
A US Navy ship using sonar equipment has now located a vessel at a depth of 15,000ft.
The El Faro sent out a distress signal on 1 October, saying it had lost power and was taking on water.
Debris was spotted in the ocean in the days after it disappeared, and one body was recovered.
In a statement, the US National Transportation Safety Board said a remotely operated vehicle would be deployed “to survey and confirm the identity of the wreckage”.
It added that the wreckage was “consistent with a 790ft cargo ship, which from sonar images appears to be in an upright position and in one piece”.
The statement went on to say that if the wreckage was confirmed to be the missing cargo ship, attempts would be made to locate and recover the voyage data recorder. Article courtesy http://www.bbc.co.uk/