Clive Palmer, one of Australia's richest men, has commissioned a Chinese state-owned company to build a 21st Century version of the Titanic.
The mining billionaire told Australian media that construction will start at the end of next year.
It would be ready to set sail in 2016.
The plan, he added, is for the vessel to be as similar as possible to the original Titanic in design and specifications, but with modern technology.
Mr Palmer told Australian media that he had signed a memorandum of understanding with CSC Jinling Shipyard to construct the ship.
"It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st Century technology and the latest navigation and safety systems," he said in a statement.
The announcement comes just weeks after the centenary of the sinking of the ill-fated Titanic.
The vessel, the largest luxury ship in its time, struck an iceberg on its maiden voyage from Southampton to New York. It went down on 15 April 1912, leaving more than 1,500 people dead.
bbc