New Zealand had long been considered the leading destination for the NRL's 20th licence, with South Island proposals gaining momentum after Christchurch opened a new stadium.
Toowoomba has now entered the expansion contest, potentially creating a two-way race with a second New Zealand franchise before the decade ends.
The Courier Mail reports that the Toowoomba consortium has approached former QRL chief executive Ben Ikin to strengthen its campaign for a fifth Queensland team.
ARL chairman Peter V'landys knows of Toowoomba's ambitions but says every option remains under review.
"Queensland is absolutely a consideration for the 20th team," V'landys told News Corp on Wednesday.
"We have not a made a decision on where the 20th team is going.
"We are keeping an open mind on Queensland and New Zealand."
V'landys has also warned that any serious consortium must demonstrate access to $100 million.
"If there is a credible Queensland bid, then absolutely they are in the game," V'landys said.
"But I want to make this clear to all the expansion teams - they have to have $100 million.
"That's the pre-requisite and all parties know that.
"We will not consider any offer that doesn't provide the $100 million."