The project has faced years of delay due to money troubles
The Titanic II project has been revived by Australian businessman and politician Clive Palmer; the new ship is scheduled to sail in 2022, reports CNN.
The project was announced in April 2012 as the flagship of the proposed cruise company Blue Star Line. The original launch date was in 2016, but it got pushed back due to money troubles.
The maiden voyage will take passengers from Southampton to New York and would follow the planned route of the original Titanic.
Titanic II is a modern-day replica of the first Titanic, which sank in 1912 following a collision with an iceberg. The new ship will have plenty of life boats and radar equipment to avoid disasters.
The nine-decked ship will be home to 835 cabins, set to accommodate 2,435 passengers.
Building the boat – which will have the same interiors and cabin layout as the original vessel including ballroom and Turkish baths– has been a long-held dream of Palmer.
"The ship will follow the original journey, carrying passengers from Southampton to New York, but she will also circumnavigate the globe, inspiring and enchanting people while attracting unrivaled attention, intrigue and mystery in every port she visits," said Palmer in a statement.