The design of the new vessel, dubbed Titanic ll, will be a close replica of the original, right down to the dimensions, architecture, and the layout of the rooms.
The ship will be able to accommodate 2,400 passengers and will feature modern day navigation technology and safety systems, including an adequate number of lifeboats and life jackets for passengers.
Ticket prices are not yet available, but the ship could set sail as soon as 2022, USA Today reports.
Here's how sailing aboard the Titanic ll could compare to the original Titanic.
The story of the Titanic is one that has intrigued many for years - and for those who are most entranced, there may soon be a way to relive the glory and wonder of one of the most luxurious cruise liners in the world.
By 2022, a new ship modeled after the Titanic could set sail for 2,400 passengers, thanks to Australian businessman Clive Palmer, who shelled out $500 million for the project.
The Titanic ll, though outfitted with 21st century navigation and safety technology, will be a close replica of the original vessel.
Here's how sailing aboard the Titanic ll will compare to how passengers aboard the Titanic in 1912 traveled.
The RMS Titanic was the largest passenger ship of its time in the early 1900s, and the Titanic's builders called it "unsinkable."
The ocean liner spanned 882 feet in length and was 106 feet wide.
Compare that to the largest cruise ship today, and it's dwarfed in comparison. The Royal Caribbean's gargantuan "floating city" Symphony of the Seas runs 1,188 feet in length and spans 215 feet across at its widest part.
On April 10, 1912, the Titanic set sail on its maiden voyage from Southampton, England, across the Atlantic Ocean to New York with 2,200 passengers and crew aboard.
But five days later, the ship hit an iceberg, its jagged underwater edges slicing a gash in the side of the Titanic and causing it to sink in less than three hours. About 1,500 people perished in the catastrophe.
The shipwreck has since gone down in history and in popular culture as one of the most famous and tragic disasters on the seas.
It was further immortalized by James Cameron's 1997 film "Titanic" starring Kate Winslet and Leonardo DiCaprio.
But now, an Australian businessman is recreating the famed Titanic — and the new ship could set sail across the Atlantic by 2022 for 2,400 passengers.
Dubbed the Titanic ll, the new vessel will be a close replica of the original Titanic, right down to the architecture, cabin layout, class categories, restaurants, dining rooms, and length.
The reimagining of the infamous ship is thanks to Clive Palmer, who shelled out $500 million for the project.
The project was initially announced in 2013 but suffered a series of financial setbacks.
But now, the Titanic ll is on track to set sail in 2022, thanks to Palmer and his company Blue Star Line ...
... which is a nod to company behind the original Titanic vessel, White Star Line.
"We want to recreate, in Titanic ll, the whole experience, the wonder that was in Titanic, and I think we can do that," Palmer said in a Blue Star Line interview.
The ship would sail along the same route as its sunken predecessor, from Southampton, England, to New York, which is about an 11-hour trip if you travel by plane.
Here's how sailing aboard the Titanic ll will compare to the original 1912 cruise liner.
The new ship will feature First, Second, and Third Class cabins.
Ticket prices for the Titanic II are not yet available. But for comparison, a ride aboard the original Titanic cost between $350 for a bunk bed in a third-class cabin to $100,000 for a premium first-class cabin in today's dollars.
This is what a second-class cabin aboard the Titanic looked like ...
... and this is what a second-class cabin aboard the Titanic ll could look like.
A sofa would be on one end with two bunked beds on the other. A vanity would sit in between.
Below is where a first class passenger aboard the Titanic in 1912 stayed.
The first class cabins were spacious and were the priciest accommodations, so more affluent and prominent figures resided in these quarters.
Passengers who purchase first class tickets aboard the Titanic ll would have something similar.
A canopied bed, vanity, and a desk would be included.
There was a reception area for the first class passengers aboard the Titanic in 1912.
The iconic Titanic staircase was also located in this first-class section.
And yes, the new ship would feature a replica of the grand Titanic staircase beneath a domed skylight.
No word yet if a meet-and-greet with DiCaprio or Winslet is included at the bottom, though.
But if it's not, you could still re-live the decadence of that time period ...
... because each passenger aboard the Titanic ll would be given outfits circa 1912 to truly immerse themselves in that cultural era.
Ladies would receive bustles for their dresses, and men would be able to wear tuxedoes, according to Palmer.
A heated pool was installed on the original Titanic. It was the second pool of its kind, the first being constructed on the vessel's sister ship, Olympic.
The Titanic ll would have a similar pool, porthole windows included.
Though its size may be a little small for the Titanic ll's future 2,400 passengers.
The 1912 Titanic also came outfitted with a gym.
The gym had an electric camel, an electric horse, and cycling and rowing machines, all of which would be included in the new vessel.
Though 21st century gym-goers would likely prefer to don yoga pants en lieu of corsets and floor-length dresses.
A squash, or racquetball, court will also be available to passengers aboard the Titanic ll. Passengers aboard the original Titanic could play racquetball for two shillings, or 50 cents, an hour.
First class male passengers had access to a smoke room aboard the Titanic in 1912.
There would also be one aboard the Titanic ll.
The original smoke room was reserved only for men. It's not yet clear if the smoking room aboard the Titanic ll will have the same restrictions.
The Titanic's designer, Thomas Andrews, is said to have been last seen in the smoke room. James Cameron's 1997 film "Titanic" reflects that and alludes that this is where Andrews went down with the ship.
For four shillings, or $1, first class passengers had access to Turkish Bath suites, which included cooling rooms, temperature rooms, steam rooms, and more.
The Titanic ll would have the same features.
The Moorish-style amenities would be available for guests to enjoy.
A grand first class dining room on the original Titanic featured arched doorways and spacious armchairs.
The same room would be included in the Titanic ll.
The menu is not yet available, but if it's anything like the menu aboard the original Titanic, first class passengers will be treated to courses like lamb with mint sauce and filet mignon.
Third class passengers dined in a room more like this, a third class dining hall onboard the RMS Olympic, the Titanic's sister ship.
The third class dining room on the Titanic ll would look similar.
Long dinner tables will fill the space.
The luxurious Cafe Parisien aboard the Titanic was popular with young first class passengers, despite its short lifetime.
A replica would be featured in the Titanic ll.
The cafe was located on the side of the ship, with views of the sea from the windows.
The new Titanic would have a Marconi room, which was used as a means to communicate with the outside world while afloat.
A bridge would also be included ...
... except this time around, modern 21st century technology like radar will be used to navigate the seas.
Modern safety and navigation systems are just one of the ship's upgrades from its predecessor — the Titanic ll would feature a sturdier welded hull instead of a riveted one.
And, most importantly, the Titanic ll will have enough life jackets and lifeboats for every person onboard.
The original Titanic was famously equipped with just 20 lifeboats — enough for only one third of the ship's occupants.
The Titanic ll will have a new safety deck to hold the appropriate number of lifeboats.
It will have the same maximum speed as its predecessor of 24 knots and would feature a larger rudder and a modern diesel engine instead of steam boilers.
And an additional deck would also be constructed that looks over the bow, a feature the original Titanic did not have that could have helped conductors spot the iceberg it was speeding toward.
The Titanic ll may just be the world class luxury ocean liner that its predecessor was designed to be.