A career criminal wanted over the brutal double slaying of a Gold Coast millionaire and his female companion in 1991 may be living quietly in remote Queensland despite reports he is dead, police say.

John Victor Bobak, once dubbed Australia's most wanted criminal, has evaded authorities since the violent, pre-meditated shooting deaths of gambling millionaire Peter Wade and his companion Maureen Ambrose at Mr Wade's Surfer's Paradise apartment on December 23, 1991.

"The murders were carried out by two offenders, Mr Wade was the target and Ms Ambrose the unfortunate victim of circumstance," Detective Acting Inspector Jason Hindmarsh said.

"There have been conflicting reports Mr Bobak was deceased but the investigation has always been carried out with the approach that he was alive."