Australian billionaire Clive Palmer announced plans to build a replica of the ship with state-owned Chinese company CSC Jinling Shipyard.
The maiden voyage for the Titanic II would be in late 2016, following the same route planned for the original, from England to New York.
Palmer, who built a fortune on real estate on Australia's Gold Coast tourist strip before becoming a coal mining magnate, said that while the new Titanic will look much like the original, it will be fully equipped with modern technology.
More than 1,500 people died after the Titanic hit an iceberg in the North Atlantic on its first voyage in April 1912. It was the world's largest and most luxurious ocean liner at the time.
The Associated Press contributed to this report.