It comes almost 20 years to the date since his last reported sighting at Rossarden, as police look to finally uncover what happened to the 32-year-old.

Mr Byrne was drinking at the Rossarden Club with two men September 19 – one of them a sexually violent criminal.

Mr Byrne was never seen again.

In the days following his disappearance, his house and the house he was last seen at were burnt down.

Police have never charged anyone, much to the chagrin of Mr Byrne's family and former detectives.

Tasmania Police has confirmed the investigation is now being wrapped up.

"In the case of Paul Byrne there is significant information to indicate he is deceased, possibly murdered," Detective Acting Inspector Bob Baker said.

"The case has been under active investigation by Launceston CIB, however all outstanding inquiries are largely complete and it is timely to prepare a report for the coroner."

A coronial inquest must be held in cases of suspected murder.

A date for the inquest has not been decided.

This year saw the end of the coronial inquest of Lucille Butterworth - another of Tasmania's most notorious suspected murder cases.

The coroner found that Geoffrey Hunt - the prime suspect in the Butterworth case for more than 30 years - killed her by strangulation, despite police being unable to charge him.