The proposed 50m deep pool at the University of Essex would be far deeper than NASA's own 12m deep training pool in Houston, Texas.
The pool would simulate the microgravity of outer space and deep sea environments.
The university's development partner Blue Abyss said the pool could be used, for human spaceflight research programmes, environmental monitoring, training in advanced commercial diving techniques, marine and human physiology research and aerospace development.
The pool will be the UK and Europe's premier marine and space research facility - offering the ability to simulate outer space and deep sea environments in one location.
John Vickers, managing director of Blue Abyss, said: "All the ingredients are here; the location near to Stansted Airport and the North Sea offshore industry via Harwich; a superb campus site and an excellent research base within the University's academic departments."
University of Essex Registrar Bryn Morris said the pool idea fitted in "very well" with the university's "strengths".
The world's current deepest pool is the Y-40 diving pool in Montegrotto Terme, Italy, which is 42m deep.
The plunge pool under Niagara Falls is 35m, nearly two- thirds of the height of the falls themselves.
Loch Morar is the UK's deepest body of water, dropping to a depth of 310m.
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