Treasurer Joe Hockey has softened the federal government's threat to rip $3 billion out of Victoria, saying he's prepared to consider alternative plans for the money once set aside for the scrapped East West Link project.

The federal government had committed $3 billion for the planned toll road and tunnel across inner Melbourne, but Labor won the state election on a campaign promise to not proceed with it.

"The road is not going to be built and the contract is not worth the paper it's written on," Daniel Andrews told the ABC a day after winning the election.

Mr Hockey revealed on Thursday that the federal government is now willing to look at other construction projects in the state for the billions once destined for the road tunnel.