The vessel, sold to Pakistan in 1993, was set to be sunk but has now been gifted to Britain and could soon make a triumphant return by displaying the medals.
Tribute
Its homecoming has coincided with the closure of the Lord Ashcroft Gallery at the Imperial War Museum on June 1, which houses the collection of gallantry awards.
That announcement had sparked anger across the Armed Forces community. But it has now emerged that the decommissioned Glasgow-built Type 21 frigate could be a potential saviour.
David O'Neill, 67, chief executive of Clyde Naval Heritage, struck a deal with Pakistan to bring the ship back.
He is now leading a team who plan to turn it into a tribute to the British military, and wants it to become the permanent home of Lord Ashcroft's medals collection. He said: "HMS Ambuscade will become a just and appropriate space to tell stories of bravery and servicemen who gave their lives for our country.
"We have been offered many aircraft and vehicles as exhibits, but would most welcome an opportunity to house Lord Ashcroft's collection of medals. I cannot think of a more fitting location than one that is associated with the Falkla...