A mining magnate, a former federal frontbencher and a star strategist will stand for Liberal National Party preselection for federal seats in Queensland.

Billionaire Clive Palmer says he definitely will stand for preselection though he still will not say where.

Former Howard government minister Mal Brough and James McGrath, the strategist behind the LNP's crushing Queensland election campaign, will vie for pre-selection in the seat of Fisher.

That seat is currently held by sidelined Speaker Peter Slipper.

Speaking from Tahiti, Mr Palmer said he wants to run in a seat where people know him well.

"You know I'll do that like any Australian should because our country is in dire straits and needs help," he said.

He will make an announcement on which seat he will seek within the next week or two, though a spokesman says Mr Palmer will not be contesting Treasurer Wayne Swan's seat of Lilley.

Mr Swan says he thinks it is a shame Mr Palmer has "run away" from a contest in Lilley.

"After all his tough talk and his billboards, it's utterly humiliating for Clive Palmer that he doesn't have the guts to run against me," Mr Swan said.

"While Clive Palmer's too scared to run himself, he'll still bankroll Tony Abbott's candidate in Lilley so he can secure Tony's giant tax cut at the expense of families and small business."

Senior Liberal Malcolm Turnbull has welcomed Mr Palmer's announcement.

"Clive Palmer is a larger than life figure. He is a very colourful figure, a very engaging and charismatic speaker," he said.

"If he got into the Federal Parliament, and I don't doubt if he turns his mind to it, I think it would be a more colourful place and that would be a good thing."

Fight for Fisher

Several Liberal politicians have taken to social media to voice their support for Mr McGrath's bid for preselection.

Mr Turnbull praised the "political brain" of Mr McGrath, who also received support from Liberals like Jamie Briggs and Simon Birmingham.

As well as being a LNP campaign strategist, Mr McGrath has worked as an adviser to London mayor Boris Johnson.

Mr McGrath's plans make the comeback of former Howard government Minister Mal Brough tougher.

Mr Brough is also standing for preselection in Fisher, but has links to James Ashby, the man accusing Mr Slipper of sexual harassment.

Mr Brough has declined an interview and says he will not comment publicly until preselection is finalised.

Mr Turnbull says even though he has praised Mr McGrath he does not think he is interfering in the preselection process.

"Certainly not, he's a great candidate, so is Mal Brough. There are some other good candidates too. I speak well of all my colleagues and James McGrath has done an outstanding job," he said.