Is their going to be a replica of the Titanic?
Yes. There is a replica of the titanic being built in china it is going to set sail in 2016. Yet it will not be the same because not many people know all the rooms and such.
A full sized replica will never be built for several reasons. Much of the structure and fittings could not be reproduced. Any ship must meet the current maritime regulations. A replica would not meet current safety regulations and it would be far too costly for a ship that can never sail. Though of course it could be used as a floating hotel this however would not be a replica.
There was never a full size replica of the Titanic made but Fox Studios came pretty close when building a replica ship for their 1997 movie "Titanic" starring Kate Winslet and Leonardo Di Caprio. They only buit the starboard side and did not decorate the inside but it was sitll pretty impressive and expensive at a price tag of $200,000,000.
Strictly speaking, you cannot make a seaworthy replica of Titanic because she would not meet today's safety codes, like having so much wood, for example, would be a fire hazard. As of 2017, there is a replica being built in China but it's landlocked. It's hundreds, maybe thousands of miles from the shore.