The owners of the QE2 have admitted the ship may be moved to another port before work to refurbish it and turn it into a floating hotel off Dubai begins.
Cape Town in South Africa is believed to be the front-runner as a new home for the cruise liner.
Cunard sold the Southampton-based liner for £50m to real estate developer Nakheel in the United Arab Emirates. The revamp is currently on hold.
Nakheel said it plans to open the ship as a stationary hotel.
A spokesperson added: "Nakheel has been investigating opening QE2 to visitors as a stationary hotel before work on her refurbishment begins.
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