Not the Mongolian skeleton. ColorblindRain/Flickr There's a rumor floating around about Australian billionaire Clive Palmer.

According to someone in his inner circle, Palmer may be plotting to clone a dinosaur from DNA, Sunshine Coast Daily's Kathy Sundstrom reports.

Palmer would put the dinosaur in his new Coolum Palmer Resort in the Middle East, says Sundstrom.

The resort is also rumored to have a 20-story sky needle and giant ferris wheel.

"While Mr Palmer was quick to deny he had plans to build a sky rail to Mount Coolum, he remains silent about the latest [dinosaur] speculations," writes Sundstrom.

"He declined to answer questions relating to the dinosaur rumours and the Middle East. A spokesman said Mr Palmer would hold a press conference in Brisbane on Friday."

No word yet on what kind of dinosaur Palmer has in mind. (fingers crossed for an herbivore)

Palmer is the same billionaire who's set on making Titanic II, which he says will be ready to set sail in 2016.