The physicist, who is 75, said that he had not expected to have the opportunity to experience space, but the Virgin founder has offered him a seat.
Discussing the meaning of happiness on a British morning show, Hawking said: "My three children have brought me great joy. And I can tell you what will make me happy, travel in space."
Hawking added that no one would take him, But Richard Branson offered him a seat on Virgin Galactic, and he accepted it immediately.
The cosmologist also shared his views on United States President Donald Trump and Labour leader Jeremy Corbyn on the show.
Professor Hawking, who previously referred to Trump as a 'Demagogue,' said he still harbors an admiration for the United States, but fears he may not be welcome there anymore.
According to the scientist, the reaction to Donald Trump's election may have been overdone, but it reflects a swing to a conservative, more authoritarian approach.
Hawking added that he does not believe Labour stands a chance of winning an election under Jeremy Corbyn.
The scientist said that he does not see Corbyn as a strong leader and that he has allowed the media to paint him as a left-wing extremist, which he is not.
"It's not good having the right principles if you never get in power," Hawking opined.
On Brexit, Hawking, who was opposed to leaving the European Union, said if the referendum decision must be implemented, it should not be an extreme one as the right wing of the Conservative Party want.
Professor Hawking also warned that leaving Europe could jeopardize Britain's status as a world leader in science and innovation.