The Albion on Cleethorpe Road has been dubbed the "pub from hell" as it's only used as a den for drug fiends.
A stencilled image of a man – with one leg bigger than the other – holding a beer appeared on the building in the early hours of this morning.
Now a debate has begun amongst locals about whether the famous graffiti artist Banksy could be responsible.
Local woman Susan Chesman spotted the piece of art at 4.30am today and shared the discovery on social media
She told Grimsby Live: "I went past at about 4.30 am this morning going towards Cleethorpes.
"I saw it and had to turn my car around and go have another look. I thought this could be a Banksy – or maybe a local artist.
"It wasn't there yesterday not that I can remember. It must have been done over night. I'm hoping it is the real thing."
The finding has sparked debate online about who could be the elusive artist who created the image.
Wayne Brightmore said: "It definitely has Banksy style to it black stencilled, no tag or signature and relevant to the building it has been painted."
But Phil Simpson disagreed, saying: "It's not a bad stencil, however Banksy can't be responsible for it.
"The quality isn't good enough and they'd be using more colours on a Banksy stencil.
"I hate the fact that now everyone sees a bit of graffiti or stencil graffiti they think it's Banksy."
Banksy visited nearby Hull last January to create an image of a child holding a sword-pencil with the caption "Draw the raised bridge!"
The Albion pub shut down eight years ago and is set to be knocked down and made into flats shortly.
It used to be a popular drinking spot for locals working on the docks, but in recent years it's becoming a den for drug-users and is covered in needles and other drug paraphernalia.
Holes have been torn into the roof and floors in search of copper to sell.
The pub has been dubbed the "pub from hell" and owner Surrinder Mehat has made the decision to pull it down.
Susan added: "It looks as if he's holding a pint glass.
"Maybe he is saying cheers to the good times in the Albion before it gets pulled down."
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