The Daily Telegraph reports the bears are preparing a $7 million bid to purchase the NRL-owned club and have started dialogue with NRL supremo’s.

The Bears exited the NRL following the 1999 season and embarked on an ill-fated merger with Manly before the Sea Eagles re-entered the competition in 2003.

The Bears – led by general manager and former Test star Greg Florimo – are desperate to make an NRL comeback and see a re-branding of the Titans as the way to make it happen.   

But Kelly, who poured millions into the Titans before the club was taken over by the NRL in 2015, says he wants to buy the club if and when it goes up for sale.

“There’s no way, in my belief, that the NRL will sell to an entity that’s not Gold Coast-based,’’ Kelly told NewsCorp.

“They understand the impact on the fans and the community, and they’re not prepared, after all the work that’s gone into re-establishing the Gold Coast Titans name, to throw that away and start again.’’

It is understood should Norths buy the Titans, the new club would play three games a year in NSW including one at the club’s spiritual home, North Sydney Oval.

The new club would be called the Gold Coast Bears and wear the traditional colours of red, black and white.

“There is interest from Norths,” one source told NewsCorp.

“I think they are just waiting for the NRL to say they’re ready for the sale process to start. Norths are waiting for the green flag to be dropped so they could get their bid under way.”

But Kelly, who has poured $5 million into the club, says he is quite certain the NRL would not allow the Titans to change hands in such a way and believed he would be given an opportunity to purchase the club if it were put up for sale.

Since their inception in 1988, the Gold Coast club have been known as the Giants, Seagulls, Gladiators, Chargers and now the Titans.

“It can’t move from the Gold Coast, they’re committed here now, there’s no doubt about that,” Kelly said.