Converting a luxury jet gifted by Qatar to President Donald Trump into a replacement for Air Force One could potentially cost hundreds of millions of dollars and it could take up two years to install the necessary security equipment,

The Trump administration is preparing to accept a superluxury Boeing 747-8 jumbo jet from the royal family of Qatar as a gift to be used by President Donald Trump as the new Air Force One for presidential travel until shortly before Trump leaves office, according to four sources familiar with the planning.

Trump says he'd be "stupid" to not accept the aircraft "free of charge", after Qatar denied it amounted to a gift.