The diver was part of a team working to raise the 56-metre Bayesian yacht after it was struck by a violent storm in August last year while anchored off Porticello, near Palermo.
The yacht sunk within minutes, killing British tech tycoon Mike Lynch, his teenage daughter and five others.
Authorities suspended operations to raise the vessel after prosecutors opened an investigation into the death of a 39-year-old diver, according to Italian media.
Initial reports said the diver was part of a team working to cut and remove the 75-metre mast, a first step towards the recovery of the yacht itself, which is lying on its starboard side on the seabed at around 50 metres of depth.
TMC Marine, the British company working to raise the superyacht, did not immediately respond to an AFP request for more information.
In a statement cited by Italian news reports on Friday, TMC Marine said it was cooperating with the probe and that "the circumstances of the accident are currently being investigated by the authorities".
Work to bring up the yacht began last week, with Italy's coastguard saying it would take up to 25 days.
Inquests into the deaths of the four British victims of the disaster are currently being held in Ipswich, eastern England.
In Italy, prosecutors in Termini Imerese have opened an investigation into the yacht's captain and two other crew members on suspicion of manslaughter and negligent shipwreck.
Lynch, the 59-year-old founder of software firm Autonomy, had invited friends and family onto the boat to celebrate his acquittal in a high-profile US fraud case.
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