In a letter to Palaszczuk, signed by 32 corporate and sporting leaders in the region, Schrinner warns that a failure to continue moving forward with the bid would be the "state's biggest regret".

According to the Courier Mail, the letter comes amid speculation State Cabinet politicians are attempting to prevent the region from entering the race for the 2032 Olympics and Paralympics because of fears over costs.

The letter has been signed by the likes of former rugby league player and television commentator Darren Lockyer, Olympic swimming champion Duncan Armstrong, venue operator and AEG Ogden chief executive Harvey Lister and cricketer Ian Healy.

Legendary Australian sprinter Cathy Freeman, an Olympic gold medallist and two-time world champion who was among the stars of Sydney 2000, has also endorsed the bid.

Officials in Queensland have largely been supportive of a bid, which gathered pace when a delegation from the region, led by Palaszczuk, met International Olympic Committee (IOC) President Thomas Bach in September.

Queensland has not yet formally submitted its candidature for the Games, as the state is waiting for the full results of a feasibility study, launched earlier this year.

An initial assessment of a potential bid found 85 per cent of the required venues are already in place, including in Brisbane and Gold Coast.

Transport upgrades would be among the biggest projects needed to host the Games. 

The latest study is expected to be finished this month, before Queensland decides whether or not to submit a bid.

The Australian state could table its formal candidacy by the start of next year's Olympics in Tokyo.

"We are not talking about millions of dollars in investment - it's billions," Schrinner said, according to the Courier Mail.

"We are not talking about flow-on benefits for years - we are talking decades.

"You only need to look south to Sydney to see the positive lasting legacy of hosting an Olympics."

Schrinner also claimed the IOC viewed favourably the possible bid from Queensland, which has emerged as the front-runner to secure hosting rights for the 2032 Games.

The seven-year timeline from the awarding of the Games to the start of the event was scrapped under reforms to the process passed by the IOC in June.

Bach admitted in September the IOC would not wait until 2025 to select the 2032, host but dismissed suggestions a decision could be made as early as next year.

A Future Host Commission will vet any candidates before determining which cities are recommended to the ruling IOC Executive Board, whose end-of-year meeting started here today. 

North and South Korea are considering a joint bid for 2032, while India and Indonesia have submitted official letters of interest and Shanghai has been conducting a feasibility study.