The ambitious £64 million project, which could see a life-size ship built on land beside the city's Odyssey Complex, is resting in the hands of the Stormont Executive.
The scale model of part of the infamous ship, which is backed by US developers, would incorporate a five-star hotel, an exhibition area and conference facilties.
It is believed that the Odyssey Trust, together with Florida-based WLM Inc, is seeking around £39 million worth of government buy-in.
Tourism experts have predicts an influx of Belfast visitors for the 100th anniversary of the doomed Titanic launch, in 2012.
-- Advertisement --
Historians and ship enthusiasts have welcomed the proposed project, which will be named the Titanic Dock.
Originally brought forward by American Titanic aficionado Michael Harris, who runs a Titanic exhibition in Florida, the Dock will also have replicas of various parts of Titanic interior.
Mr Harris recently travelled to Belfast to meet with key contributors. He and the other backers expect a decision from the Northern Ireland devolved government by the end of this summer.
Suspended 50 feet above the ground, Mr Harris said the Titanic Dock would provide an interactive attraction.
"Visitors will be able to explore its intricacies before travelling into actual re-creations of some of its most important elements including walking the grand staircase and seeing the luxury of the first class eating and sleeping facilities, as well as the great boilers and the bridge before venturing outside to experience the magnitude of the tragedy of April 14, 1912," said Mr Harris.
The surrounding Titanic Quarter, aimed at developing the docks area, ran into difficulties after two-thirds of its funding from the Lottery Fund fell through, earlier this year.
It has been reported that the city council will possibly supplement the shortfall to ensure the scheme goes ahead.
(PR/JM)
