According to a report in The Australian, Palmer said was he looking to run for the seat of Lilley where Swan held a slim margin of 3.18%.

He said the reason to get into politics was to make a difference and he had differing views to Swan on what was good for the country.

"We want to act decisively for the benefit of all Australians," he said.

"I've put my name in as an expression of interest.

"I have different ideas to what the treasurer has, I want to put them forward so people can have a vote on that."

In an article published in The Monthly magazine earlier this year, Swan singled out Palmer along with other mining moguls Andrew Forrest and Gina Rinehart and accused them of using their wealth to undermine "our equality and threatening our democracy"

It's not the first time Palmer has run for preselection, with the billionaire running in Peter Slipper's electorate of Fisher in 1984.