Actors including Kevin Zegers and Chris Noth are currently in talks to appear in the drama, Deadline reports.
The project, which has not yet found a home in the UK or the US, focuses on the process of building the Titanic in Belfast.
Zegers, who played Damian in Gossip Girl, is now thought to be in talks for the role of Mark Muir. Mark is a metallurgist who discovers that there may be problems in the metal being used to make the ship.
Chris Noth, whose credits include The Good Wife and Sex and the City, is expected to play the financier JP Morgan.
Other stars linked to the project include Scream's Neve Campbell, who will play a reporter covering the Titanic, and veteran actor Derek Jacobi, who will star as the chairman of the company that built the vessel.
ITV is already developing a drama about the Titanic, which is being penned by Downton Abbey scribe Julian Fellowes and will star Linus Roache and Geraldine Somerville.
Both the ITV drama and the Zegers project are expected to air next year to coincide with the centenary of the Titanic's sinking.