Egyptian-based Al-Ahram reported Saturday that authorities had foiled a planned Iranian terror plot to bomb an Israeli ship in the Suez Canal.

According to the newspaper, two Egyptian citizens were arrested and investigated for planning the attack. It was revealed in the course of the investigation that the two suspects had been approached by Iranian agents with instructions regarding the mission.

Investigators found that the suspects had attempted to enlist a third man to carry out the bombing, and that they had offered him 50 million Egyptian pounds, or approximately $8 million, according to Israel Radio.

The two men in custody have denied all accusations against them.

Israeli authorities have recently warned that Iran is setting up terrorist infrastructure in Egypt, making it a launching pad for attacks against the Jewish state.