V'landys, the ARL Commission chairman, said he was prepared to walk away from the PNG bid if negotiations did not proceed to their liking.
He confirmed Dolphins head coach Wayne Bennett had been tagged as the next expansion team's head coach, likely in 2027 or 2028, adding bids in Perth, New Zealand and Brisbane are still being considered for the next franchise.
"It is no done deal," V'landys said of the PNG bid.
"We have got a few negotiating points we haven't got over and if we don't get over them it won't happen. It is D-Day today. We are meeting with the government today on various aspects of it and hopefully we can solve those and move it forward.
"There are commercially sensitive issues. We have to get through some of those sticking points which will hopefully get fixed today."
V'landys said Prime Minister Anthony Albanese was "a strong supporter of the bid.
"If he has his way there will be a team," V'landys said.
Anthony Albanese is introduced to the PNG women's side ahead of a match against the PM's XIII. (Darren England/AAP PHOTOS)
The Australian government has committed $600 million over 10 years to fund the bid.
V'landys said the PNG bid was about more than an NRL team and would be utilised as a vehicle to encourage school attendance and improve social conditions in the country.
He said the side would be based in PNG after ditching an earlier proposal to relocate to Cairns.
"That is Wayne Bennett's view," V'landys said.
"He said if you want to make a team in Papua New Guinea successful you have got to base it in PNG. He is certainly the main man. Look what he has done with the Dolphins. If he is available he would be the one we want (as coach)."
"There are also some very good bidders in Perth, Christchurch and here in Brisbane. It is far from a final decision. All the bids are fantastic.
"I'm taking an AVO out on (Western Australia Premier Roger Cook). He rings me every day asking to put a Perth team in. Their bid is looking very, very good and maybe PNG isn't the one that is first.V'landys said it was not a condition of the Perth bid that they link with North Sydney Bears.
"It would certainly help their bid because the Bears have got a strong supporter base," he said.
"They have also got the feeder system and juniors so it makes sense for Perth to look at that proposal."Thanks to (Warriors CEO) Cameron George and the Warriors the support over there is remarkable. Their success has caused New Zealand to want another team and there are two bidders for that team and we will look at it closely."
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