To realize his dream, Clive Palmer, one of the richest men in Australia, has hired a Chinese company to build the legendary ship.
To The Australian media, mining millionaire said he had signed a memorandum of understanding with the CSC Jinling shipyard company, China.
The Ship, Palmer continued, according to the plan will be as fancy as the original vessel, but equipped sophisticated technology of the 21st century.
"The ship will be as fancy as the original Titanic, but of course the technology of the 21st century navigation system plus and the latest security," Palmer said in a statement.
The plan of the Titanic II will be completed and ready to sail in 2016.
Can not be drowning
Titanic was the largest and most luxurious ship in the era after it struck an iceberg sank in its maiden voyage from Southampton to New York.
This new Titanic sailed the route will also be the UK to New York via the same route.
"The ship is designed so as not to drown. But if you believe in superstitions, then we'll never know what will happen," said Palmer.
"Of course if you are holes in the ship is going down," said Palmer respond to the question of whether a replica of the Titanic is as strong as expected.
So far the cost of building a replica of the Titanic ship was not known.