The yacht was observed in an upright position around 7am local time.
Salvage crews are pumping water out of the Bayesian, with full recovery expected within a few hours.
According to a project insider speaking to the PA news agency: “The vessel is on surface, but not entirely clear of the sea yet.”
“Pumping water will continue, and following a series of lifting and resting procedures, it will be around lunchtime before she is fully and finally out of the water.”
The 56-metre (184ft) Bayesian is scheduled to be lifted to the surface near Porticello either Saturday or Sunday, then transported to Termini Imerese, where Italian prosecutors investigating the sinking are based.
Investigators in both the UK and Italy consider raising the vessel essential to fully understanding the circumstances of the sinking.
While salvage teams initially estimated the raising would occur later in June, “accelerated progress” has allowed the timeline to be moved forward.
The yacht’s 72-metre (236ft) mast was detached on Tuesday using a remote-controlled tool and placed on the seabed for later retrieval.
In the coming days, workers will attach hoses and plugs to the fuel tank vents on the yacht’s starboard side, which had been resting on the seabed.
The yacht will then be slowly righted, supported by strong steel straps connected to Hebo Lift 10 – a powerful European sea crane.
Billionaire Mr. Lynch, 59, and his daughter Hannah, 18, were among the seven fatalities when the Bayesian sank off the coast of the Italian island on August 19.
Approximately 70 specialist personnel from across Europe have been deployed to Porticello for the recovery operation, which began last month.
Inquest proceedings in the UK are examining the deaths of Mr. Lynch and his daughter, as well as Jonathan Bloomer, 70, Chairman of Morgan Stanley International bank, and his wife, Judy Bloomer, 71, all of whom were British nationals.
An interim report by the Marine Accident Investigation Branch (MAIB) indicated that the Bayesian was capsized by “extreme wind”.
The report stated that the yacht was vulnerable to winds, a fact potentially unknown to the owner and crew.
