Royal Caribbean has confirmed its plans to develop a third Oasis-class ship that could potentially carry more than 5,000 passengers.

The new vessel, which the cruise line hopes to have in the water by 2016, would join the existing Oasis of the Seas and Allure of the Seas, both of which have space for 5,400 guests and rate as the largest passenger ships in the world.

"The Oasis of the Seas and Allure of the Seas have proven themselves to be exceptionally attractive ships by generating the highest guest satisfaction ratings in the fleet coupled with very compelling financial returns," Chairman and CEO Richard D. Fain said during an earnings report.

Building the new mega-ship could cost €1 billion ($1.29 billion), according to at least one report.

While the vessel will be a sister ship to Oasis and Allure, that doesn't mean it will be exactly the same.

The editor in chief of CruiseCritic.com, Carolyn Spencer Brown, tells HuffPost Travel that the new ship could give Royal Caribbean the opportunity to try new restaurant and entertainment concepts as well as new routes -- while emphasizing that any guesses about specifics at this point are pure speculation.

The one thing that can be said for certain about the Oasis-class vessels?

"The ships have been a massive success," Brown says.

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  • The Ship

    The world's largest and newest cruise ship Oasis of the Seas is seen docked at Port Everglades in Ft. Lauderdale, Fla. Friday, Nov. 20, 2009. The Finnish built 225,282-ton ship owned by Royal Caribbean International has a capacity of 5,400 passengers and is set for its debut voyage in the Caribbean Dec. 1, 2009. 15 decks house 4 main swimming pools, a park promenade, surf simulators, rock climbing, and miniature golf.

  • The Room

    A two story crown loft suite with 2-story window and balcony on board.

  • The Elevator Bar

    An elevator bar floats up and down between 3 levels on the ship.

  • The Golf

    Crew play golf on board.

  • The Pool(s)

    One of the pools on board.

  • The Surf Simulator

    Royal Caribbean sports staff member Colin Kerr tries out one of two surf simulators on board.

  • The Balconies

    Some of the balconies on the ship.

  • The Park

    Live greenery, trees and tropical plants are among the features of Central Park, a football field sized promenade on board.

  • Allure of the Seas

    In this Sept. 26, 2012 photo, the Royal Caribbean's Allure of the Seas cruise ship is docked in Falmouth, northern Jamaica as street vendors sell clothes, souvenirs and other goods to tourists. Trade groups say the flourishing cruise ship industry injects about $2 billion a year into the economies of the Caribbean, the world’s No. 1 cruise destination, but critics complain that it produces relatively little local revenue because so many passengers dine, shop and purchase heavily marked-up shore excursions on the boats or splurge at international chain shops on the piers. (AP Photo/David McFadden)

  • Allure of the Seas

    This March 28, 2012 photo provided by Scott M. Lieberman shows the Allure of the Seas cruise ship in Falmouth, Jamaica. A small fire aboard the cruise ship has been extinguished with no reported injuries. Royal Caribbean International spokeswoman Cynthia Martinez says the engine fire occurred Friday, April 20, 2012. The gargantuan cruise ship was sailing from St. Maarten to Port Everglades when the fire broke out. (AP Photo/Scott M. Lieberman)

  • Allure of the Seas

    General view of the Allure of the Seas at Port Everglades on October 16, 2011 in Fort Lauderdale, Florida. (Photo by Gustavo Caballero/Getty Images for Dreamworks)

  • Allure of the Seas

    This photo shows the ship Allure of the Seas, twin of Oasis of the Seas, the two biggest cruise ships in the world on November 11, 2010 during its presentation in Fort Lauderdale, Florida. The ship spans 16 decks, encompasses 225,282 gross registered tons, carries 5,400 guests at double occupancy, and features 2,700 staterooms. Allure of the Seas alternates a Western Caribbean with an Eastern Caribbean seven night itinerary from her home port of Port Everglades in Fort Lauderdale. JUAN CASTRO/AFP/Getty Images

  • The Allure of the Seas

    The STX Finland shipyard's vessel The Allure of the Seas sails out on Friday Oct. 29, 2010 from the shipyard in Turku Finland. The second in a pair of cruise liners that are the largest in the world set sail Friday and was expected to arrive in Florida in a few weeks, Finnish shipbuilders said. The Allure of the Seas, with 16 passenger decks and 2,700 cabins that can accommodate 6,300 passengers and some 2,000 crew, sailed out of Turku, southwestern Finland. A day earlier it was delivered to Royal Caribbean Cruise Lines at the shipyard. (AP Photo/ LEHTIKUVA / Roni Lehti)