Peter V'landys' most ambitious project yet will be unveiled on Thursday, when two Prime Ministers shake hands to signal the creation of an NRL team in Papua New Guinea.

After two years of planning, speculation and anticipation, the Port Moresby-based side is finally set to be green-lit for entry into the NRL in 2028 as either the NRL's 18th or 19th franchise - pending further expansion into Perth.

Australian Rugby League Commission chair V'landys, at the forefront of the dream-turned-reality, will attend the historic meeting alongside Prime Minister Anthony Albanese and his PNG counterpart James Marape.

Both Governments are kicking in considerable sums towards the bid, with $600 million to be forked out by the Australian taxpayer.

The team is seen as a vital tool in Australia's maintenance of diplomacy in the Pacific, though Marape has previously said its creation is about more than security.

For PNG, where rugby league is the national sport, the team's entry is the realisation of a dream many decades in the making.

Tax incentives are expected to be introduced to entice players to relocate from Australasia, but tapping into the vast pool of local talent will also be a must for the new team.

Several questions of the team remain unanswered, chiefly as to whether the result of the 2025 Federal election would have any bearing on the team's existence.

It also remains to be seen what the team will be called, who will coach, and whether the team's management will be given permission to negotiate with prospective players earlier than usual.