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Billionaire mining magnate Clive Palmer is reportedly planning to clone a dinosaur and set it free to roam in a Jurassic Park-style arena at his new Palmer Resort at Coolum.

According to the Sunshine Coast Daily, Mr Palmer has been in "deep discussion" with the scientists who cloned Dolly the sheep in the UK over 16 years ago.

While Mr Palmer's current "plans" are nothing more than a rumour at the moment, it has been reported the news "comes from a source close his inner circle".

Mr Palmer has scheduled a press conference for Friday when he is expected to address the issue, as well as his plans to run for LNP pre-selection.

He unveiled the concept designs for the resort redevelopment his last weekend.

The resort will feature a 20-storey sky needle and two 10-storey beachfront hotels with a casino.

Also being considered is a hovercraft link to Brisbane, a monorail, a giant wheel, aviary and aquarium.

In April, the former owner of the now defunct Gold Coast United A-League franchise announced he was building The Titanic II - a tribute to the original cruise ship that sank over a century ago.