Thor: Ragnarok- Chris Hemsworth and Tom Hiddleston film on the largest Asgard set in the franchise's history

The film set for Chris Hemsworth and Tom Hiddleston's new movie, Thor: Ragnarok, is the largest in the franchise's history, according to reports. 

The Australian heartthrob and British actor started shooting the third installment of the Marvel epic at Movie World's studios in the Gold Coast last week.

A sprawling multi-storey complex, which will bring the fictional realm, Asgard, to life in the movie, is clearly visible at the studios and looks ready for filming.

The director, Taika Waititi, is understood to have moved away from using too much computer-generated imagery (CGI) and instead focused on a more realistic backdrop.

The Gold Coast Bulletin reported that the set was around 'two times bigger' than the other Asgard sets that have been built in the past. 

'It's normally mainly computer generated but they've taken a really practical approach with this set,' the worker said.

It is estimated that the film will spend $100 million in Queensland and create hundreds of local jobs during production.

Last month co-president of Marvel Studios Louis D'Esposito said Queensland offered an amazing and diverse backdrop for the action flick.

'We are very excited to bring this film to such an incredible locale,' he told Digital Spy.

'Marvel Studios would like to thank the Queensland Government for helping to make this a reality,' he added. 

'It's about two times bigger than the other Asgard sets that have been built in the past.

The film is slated for release in November 2017, and it is believed to draw some of its inspiration from the Planet Hulk comic book story line, where the infuriated green antihero takes over a planet after being beamed into space.

Heading the cast of the new film is Chris Hemsworth as Thor, while Mark Ruffalo will once again star as the Hulk.