The Titanic was registered in Liverpool making the city its home port, and at least 90 members of its crew were from Merseyside, or had close links to the area.
Marionette company Royal de Luxe is working with council officials to bring its Sea Odyssey show - inspired by the ship and a young girl whose father was a passenger - to the city.
The company is famed for bringing the streets of London to a standstill in 2006 with the Sultan’s Elephant.
Organisers are expecting hundreds of thousands of visitors to line the streets of Liverpool as the main character, Little Girl Giant, moves around the city from 20 - 22 April.
Leader of Liverpool City Council Joe Anderson said: "This will be a magical piece of theatre, the likes of which many people will never have seen before. To work with such a world renowned company as Royal De Luxe is a real coup for Liverpool and it’s wonderful we can mark this important anniversary with an unforgettable event.
Funding for the event is yet to be finalised, but there is commitment in place for support from the European Regional Development Fund and the Arts Council England.
Culture Liverpool and Liverpool Vision are also in negotiations with partners and sponsors from the private sector to help bring the event to the city.
Organisers will also use leftover European legacy funding from the city’s capital of culture year in 2008.
Four other cities; Belfast, Southampton, Cherbourg and Cobh (Co. Cork), will also stage events to commemorate the centenary.
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