The league confirmed on Thursday Perth would become the 18th franchise, joining the competition one year before Papua New Guinea's 2028 admission.
The announcement ends a long push from Western Australia to have a team in the competition, after the Western Reds were killed off in the Super League war.
The Bears link will also revive the moniker of one of the league's foundation clubs, after North Sydney's exit following the failed merger with Manly in 2000.
The club will wear red and black in a nod to the Bears' heritage, while at least one home game a year will be played at North Sydney Oval.
Other home games will be played at the 20,500-seat capacity HBF Park in Perth, with the state government tipping in $65.6 million in financial support.
Beyond bringing fans to stadiums in Sydney and giving the club an initial fan base, Australian Rugby League Commission chairman V'landys said the Bears logo would help the club find early success.
"Everyone thought the Dolphins wouldn't be competitive and they were competitive (on arrival in 2023)," V'landys said.
"I am confident the Bears will be competitive in the first year.
"They have a head start because they have a combination with an established club. They have football managers and juniors and pathways
"They will provide the players because they have pathways and juniors back in the eastern states.
"You will be surprised how good they will be in 2027."
Under the terms of the agreement, the NRL will own the club for at least the first five years while it is managed at arms-length from head office, before it becomes member-owned.
V'landys indicated a board would be appointed in coming weeks, with a Western Australian to chair the club alongside at least two other local directors.
A CEO will also need to be appointed, before a coach is announced in the coming weeks or months to begin plans on how to set the club up on the field.
Former Parramatta coach Brad Arthur remains the early favourite, while English international Sam Burgess has shown interest.
That appointment will allow the team to begin signing players from November 1 for 2027, with the Bears facing a challenge to convince players to move west.
But in the long run NRL chief executive Andrew Abdo said he expected the team to be comprised of local players, with rugby league to be introduced to up to 500 schools.
"Any initial franchise will require a certain amount of relocation," Abdo said.
"The investment the government will provide us in the next few years will mean we can accelerate the pathways in schools and clubs.
"The development of talent on the field means this will be a team made up predominantly of Western Australia based players in a very short period."
V'landys said the Bears won't be given salary cap concessions, but he will consider the prospect a radical player-swap agreement between the NRL's newest club and the Western Force.
The concept has been floated by Force owner and billionaire mining magnate Andrew Forrest.
"There's an opportunity here that may never have been done anywhere in the world, where the two teams could be combined to a certain degree and can use each other's players in specific matches," V'landys said.
The NRL also have plans to introduce an NRLW women's team in Perth.
On the financial front, V'landys said he has already been "inundated" with sponsorship requests for the Perth Bears.
"The sooner we get started, the better, because we've had some very big companies that want to sponsor the Perth Bears," V'landys said.
"They can see how exciting it is, they can see the potential of it, and I'm sure we'll announce some very big sponsors in the next month or so."
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