According to Cruise Arabia & Africa, a replica of the famed ship will set sail in 2022, retracing the route of the original Titanic.
It will also be equipped with modern navigation and plenty of lifeboats.
The US $500-million project was initially announced in 2012.
The ship will carry 2,400 passengers - almost the same as the original - along with 900 crew members, according to USA Today.
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The Chairman of Blue Star Line, Clive Palmer, says the ship will follow the same route as the original Titanic, but also take trips around the globe.
The original Titanic sank during its maiden voyage in 1912 after it sideswiped an iceberg.
"The ship will follow the original journey, carrying passengers from Southampton to NY, but she will also circumnavigate the globe", Palmer said.
Her sinking two hours and forty minutes later, on the Monday morning, resulted in the deaths of more than 1500 people, which made it one of the deadliest peacetime maritime disasters in history.
The Titanic II will be built to resemble the original doomed Titanic ship, right down to first-class rooms, a gym, pool and Turkish bath.