Mining magnate Clive Palmer has floated plans to build a fleet of world class luxury liners, including a 21st-century version of the Titanic.
Mr Palmer announced on Monday he has signed a memorandum of understanding with state-owned Chinese company CSC Jinling Shipyard to build Titanic II.
With the latest navigation and safety systems, Titanic II will sail in the northern hemisphere, with her maiden voyage from England to North America scheduled for late 2016.
Mr Palmer told reporters in Brisbane the rebuild was a tribute to the spirit of the men and women who worked on the original Titanic, which sank after hitting an iceberg on April 15, 1912.
The 100th anniversary of one of the world's deadliest peacetime maritime disasters was observed this month, commemorating the death of 1514 passengers and crew.