Clive Palmer's dream of building a $600 million replica version of doomed ocean liner, RMS Titanic, may be sinking.

Despite a proposed 2018 maiden voyage date, a Finnish company contracted in 2012 to design the Titanic II stopped work on plans late last year, according to the The Courier-Mail.

Construction on the modern-day Titanic has reportedly not even started, despite a proposed 2018 maiden voyage date

The company tasked with designing the ship in 2012, Finnish consortium Deltamarin, reportedly ceased commissions with Blue Star Line, the Palmer company behind Titanic II, in 2014

Mr Palmer reportedly said at a press conference this week he would have to seek approval from his wife if he could pursue the project in retirement

Still, the eccentric billionaire has made several hints that he could work on the ship during his retirement, telling reporters this week that he would have to seek approval from his wife.

Plans to build the six-star rated ship were revealed in February 2013 in New York to much fanfare.

The Titanic II was supposed to stick to the incredible detail of the original ship that sank in the Atlantic Ocean more than 100 years ago.

It would have stayed true to its namesake with a small swimming pool, Turkish baths and an Edwardian gym.

There was even talk of supplying period costumes for Titanic II passengers who want to get into the spirit, although it's not known if that is still being considered.

Titanic II would meet modern safety and design requirements, meaning it will have a welded hull instead of a riveted one, a diesel-electric propulsion system instead of steam engines, stabilisers, and high-tech navigational equipment.

And it will have enough lifeboats for everyone on board – there was a shortage on the doomed Titanic – and modern-day evacuation systems.

Plans for the six-star rated ship revealed in February 2013 were unveiled in New York to much fanfare

Last week, Mr Palmer announced he will not be seeking re-election in the House of Representatives at the upcoming federal election.

The leader of the Palmer United Party made the announcement during a press conference in Canberra on Wednesday.