Chief scientist at Crocodylus, Charlie Manolis, told AAP he took the sightings seriously, but both lions at the park were found to be secure.
He said that "not in a gazillion years" could a lion have escaped its enclosure and then voluntarily returned and been present when checked.
Mr Manolis said because three different people had reported seeing a lion, it was likely something was roaming around.
"Whether there is a large dog or a beastie out there that looks like a lion, we would like to find out any information about what it really is," he said.
Crocodylus is the only wildlife park in the Northern Territory that houses lions.
- AAP