"We will take stock of the situation and after getting the inputs from the Eastern Naval Command, where the Commander-in-Chief is responsible for the search operation, we will take a decision to call off the search," he told reporters here.
The Navy Chief had earlier voiced "grave concern" over the incident that took place off Visakhapatnam coast.
He had also said that the chances of recovering the four Navy personnel, missing after the November 6 accident, appears a "little grim".
Dhowan had termed the vessel's sinking as "an unfortunate incident" which is being taken with "grave seriousness" and with "due grave concern".