The renovations will also be funded by the Paddle Steamer Preservation Society and the steamer’s owning charity, Waverley Steam Navigation Co.
The £135,000 is needed to replace the ship’s two masts and several windows in the dining saloon with authentic materials.
Mr Semple said: “They are vital components that really give the authentic nature to Waverley.
“Essentially, many parts of the ship could be replaced with more modern materials and fittings which may last longer, but collectively that would change the look and feel of the ship.”
Waverley was built shortly after the Second World War for the London and North Eastern Railway, connecting passengers from Glasgow to towns such as Rothesay and Dunoon.
It was launched in October 1946 and entered service the next year.
Following the end of its working life, the ship was gifted to the Paddle Steamer Preservation Society in 1974 for £1.