Clive Palmer- the Australian billionaire behind the plan- hopes work on Titanic II will start this year, ahead of its maiden voyage from Southhampton to New York.
The ship will be built in China and apart improved safety regulations, which include more lifeboats, the design will mirror the original White Star Liner.
"Titanic was the ship of dreams, but Titanic 2 will be the ship where dreams come true," Mr Palmer said at the New York launch.
He said doesn't agree with claims that the move is in poor taste and said the initial response shows the public are not superstitious about travelling on the 'new' Titanic.
"40,000 people have registered on our website," he said.
"They want to enjoy a lifestyle that is no longer there for them. If you go on a cruise ship today it is like going on a floating apartment."
He added: "There'll be the opportunity for the English navy to escort it on its first crossing of the Atlantic."
But the businessman told UTV that he will not be bringing the liner to Belfast.
"It was merely built there, it was designed in the United Kingdom but other than that we don't have any plans to take it to Belfast," he said.
"Because I don't think Belfast was on its regular run anyway."
Susie Millar from the Belfast Titanic Society said they be reserving judgement on the project until they got more information.
"Some of us from the committee are going over to England next week to the launches that are being held there," she said.
"We want to be sure that if this is going to go ahead that it's done with respect and taste and honour to those who died."
More than a century ago, it took just over two years to build RMS Titanic at Harland and Wolff in Belfast.
It set sail to Southampton on 2 April 1912 to pick up its first passengers.
More than 1500 people died after the Titanic sank when it hit an iceberg in the Atlantic Ocean on 14 April 1912 during her maiden voyage to New York.