The 2000-built ferry Blue Star Ithaki is thought to be costing over $40m, sources said.
It is expected to be delivered by the end of 2014.
Attempts to reach Attica Group, Blue Star's owner, for confirmation of the deal were unsuccessful by the time of writing.
The ship will replace the Princess of Acadia (built 1971) and will be operated between Saint John, New Brunswick and Digby and Nova Scotia.
As
