There are hopes the Melbourne Star observation wheel can be saved from the scrap heap.

The liquidator for the company which owns the tourist icon is preparing to launch a sales campaign for the 120 metre tall wheel.

President of the Docklands Chamber of Commerce, Johanna Maxwell, says she thinks the chances of the wheel being purchased and remaining in Docklands are “50/50”.

“Look, here’s hoping,” she told Ross and Russel.

“It’ll be good for Docklands if someone does pick it up and buy it and get it up and running again. It’ll be sad to see that skyline empty and dark, it’s not pretty the way it is now.”

Owners of the wheel, MB Star, called in liquidators early last month after lockdowns lashed the tourism sector, meaning the wheel was no longer financially viable.

Press PLAY below to hear how the Docklands Chamber of Commerce president thinks the sale will go