"In 1912 things were simpler," the 58-year-old billionaire tycoon, said.
Palmer's Blue Star Line has agreed a deal in principle with China's state-owned CSC Jinling Shipyard to build Titanic II to the original design, but with modern safety improvements, 'Express.co.uk' reported.
Around 40,000 people have already expressed an interest in booking one of its 835 first, second or third-class cabins for the historic voyage planned to begin in late 2016.
The report said passengers will be issued with a wardrobe of 1912 clothes and this time there will be more than enough lifeboats available for safety of the passengers.
Palmer is using his own money to build an exact copy of the liner that hit an iceberg and sank off the coast of Newfoundland during its maiden voyage from Southampton to New York in April 1912 with the loss of 1,502 lives, the report said.