The discovery was made by police divers off the coast of Porto Maurizio, Liguria, Il Secolo XIX reported.
At least 50 Roman vases were found in the ship, 50 metres below sea level, which remains completely intact.
“This is an exceptional discovery,” Lieutenant Colonel Francesco Schilardi told the newspaper.
“Now it’s a matter of protecting the ship and keeping the grave robbers away,” he added.
The find was made following a year-long investigation into the illegal trade of artefacts, which had been stolen from the Ligurian Sea.
Evidence found in police raids, such as nautical maps, were used to locate the wreck.
The ship’s discovery will allow historians to reconstruct Roman naval routes in the Mediterranean, Elisabetta Sarnini, an archaeologist at Italy’s culture ministry, told Il Secolo XIX.