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I remember a childhood story to that effect.

Yes the Saptarshi Mandal (the station of the Sapta Rishis) is regarded as the Great Bear.

The God Himself has made the Naksattra Abhijit to revolve round the
Meru, along with the other Naksattras in the Zodiac; so this is
reckoned as the twenty-eighth Naksattra. The planet Venus (S’ukra) is
situated above the Moon two lakh Yoyanas high. He sometimes goes
before the Sun, sometimes behind and sometimes along with Him. He is
very powerful. His motion is of three kinds :-- (1) S’îghra, (2)
Manda, and (3) uniform. He is generally favourable to all the persons
and does for them many auspicious things. So it is stated in the
S’âstras. O Muni! S’ukra, the illustrious scion of Bhrigu, removes the
obstacles to the rains. Next to S’ukra, the planet Mercury (Budha) is
situated two lakh Yoyanas high. Like S’ukra, he, too, goes sometimes
in front sometimes behind and sometimes along with the Sun. And his
motion too, is of three kinds :-- S’îghra, Manda, and uniform. When
Mercury the Son of Moon, is away from the Sun, then Ativâta (strong
winds, hurricanes), Abhrapâta (the falling of meteors from the clouds)
and draught and other fears arise. The planet Mars, the son of the
Earth is situated two lakh Yoyanas higher. Within three fortnights (45
days) he travels one Râs’î. This occurs when his motion is not
retrograde. This Mars causes all sorts of mischief, evils, and
miseries to mankind. The planet Jupiter is situated two lakh Yoyanas
higher. He passes through one Râs’î in one year. When his motion is
not retrograde, he is always in favour with the Brahmâ Vâdis. Next to
Brihaspati, come the planet Saturn, the son of the Sun, two lakh
Yoyanas higher. He takes thirty months to pass over one Râs’î. This
planet causes all sorts of unrest and miseries to all. Therefore He is
called a Manda Graha (a malefic planet). Next to it, is situated the
Saptarsi mandala, the Great Bear, eleven lakh Yoyanas higher up. O
Muni! The seven planets always do special favours to all. These
circumambulate the Visnupada, the Polar Star.

Devi Bhagavatam 8.16