Is this Iceland's version of the Loch Ness Monster?

Grainy footage of a serpent like creature slithering through the waters of Jökulsá í Fljótsdal lake, in Iceland has become an online hit as viewers try to work out exactly what it is they're seeing.

Many have been quick to claim the video is proof of the existence of the Lagarfljótsormurinn – Iceland's own version of the Loch Ness monster.

The Lagarfljótsormurinn roughly translates as ‘river worm’, and has existed in Icelandic folklore since 1345.

The legendary monster is said to reside in the lake, and much like in Scotland, has been the subject of many 'sightings' over the years.

A Lagarfljótsormurinn expert, (who knew there was such a thing?) Loren Coleman, has told the Daily Mail he believes the footage is an elaborate fake.

"Frankly, this video shows something that looks like a constructed snake-like object, with rigid sections, being propelled through the water", he says.

Others claim the video simply shows a fishing net floating in the water, while some say the video is just a little too fishy to be real.

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