A source close to Clive Palmer says rumours the mining magnate is looking to clone dinosaurs are false.
The Sunshine Coast Daily originally reported Palmer was in "deep discussion" with scientists who cloned Dolly the sheep.
Palmer was rumoured to be looking at the possibility of cloning dinosaur DNA to create a Jurassic Park-style attraction at his new resort in Queensland.
According to Sunshine Coast Daily local mayor Mark Jamieson also said Palmer was "very serious" about the plan.
While there has been no official comment on the move Palmer is expected to hold a press conference in Brisbane on Friday and the Brisbane Times reports a source close to Palmer said the rumour was "absolutely ridiculous".
Earlier this year Palmer initially claimed anti-coal protests in Australia were being funded by the CIA but later admitted the accusation was part of a media stunt.