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The Titanic sank in 1912, but now more than 100 years later it's been announced that plans for a replica ship to take the sea are in the final stages.

Australian billionaire Clive Palmer says he wants to transport passengers back to the 1900s, sort of.

The ship is set to have the same interiors and cabin layout as the original, but with modern day safety measures.

The businessman first floated the idea to create a Titanic II in 2012, but the project has faced a number of delays.

What is the story behind the Titanic?

When Titanic was built in Belfast, Northern Ireland it was described by the operators White Star Line as "unsinkable". They also said it was the most luxurious ship on the waves at that time.

It set sail on its maiden voyage - the first trip a boat makes after it has been launched - from Southampton on 10 April 1912 carrying 2,240 passengers and crew.

Disaster struck when it hit an iceberg and broke apart on 15 April 1912.

The ship sank to the bottom of the ocean and tragically 1,500 passengers and crew on board lost their lives.

The shipwreck was discovered in 1985. While some of the boat has been brought back to land, most of the Titanic remains thousands of feet under water, in its final resting place off the coast of Newfoundland in Canada.

What would Titanic II look like?

Clive Palmer says he wants to offer people the experience of being on the Titanic, following the route of its original intended journey carrying passengers from Southampton to New York.

He said: "The essence of this venture is to offer passengers an unparalleled journey back in time, immersing them fully in the opulence and splendour of life aboard the original Titanic."

Plans show Titanic ll will have nine decks and 835 cabins. It will have room for up to 2,435 passengers and is also set to have a grand staircase like in the original ship.

In addition, the replica will feature modern technology and the latest navigation and safety systems.

"Millions have dreamt of sailing on her, seeing her in port and experiencing her unique majesty. Titanic ll will be the ship where those dreams come true,'' Mr Palmer said.

Its maiden voyage is currently set for 2027.