"Actually, I was suggesting a magnet to pick up the submersible (which is relatively small), not the Titanic itself!
Or did you mean the required cable length was too long? 2.5 miles is very long...but they lay cables across the Atlantic, so fairly long ones must exist.
But first they have to actually locate the sub."
I think the submersible is made of titanium and carbon fibre, which wouldn't stick to a magnet . You'd need to use some kind of basket to scoop it up. So you'd need one of those cable laying ships with a really big winch that can handle 2.5 miles of cable it's not designed for (they usually lay either fibre optic cable or power cable,not lifting cable). The cable would need to have a breaking strength of 10 metric tonnes (the submersible)+weight of cable itself+ weight of the basket/big steel net that can hold 10 tonnes+ a bit for good measure.
Even if you knew exactly where the craft was and dropped the basket beside it, unless it was capable of seeing and manoeuvering into the basket itself, you'd have to have a big light source and fibre optic cameras (can they withstand the pressure?) going down too, and probably another submersible watching and nudging things in the right direction for the scoop , without either sub getting damaged enough to kill everyone.
In short- yeah let's hope it has surfaced and is bobbing about ready to be spotted and picked up.