The State Opposition says it will consider dropping the troubled myki public transporting ticketing system if it wins the next election.

The project has been plagued with setbacks since the contracts were signed five years ago.

Victoria's Transport Ticketing Authority (TTA) was forced to pulp almost 500,000 myki brochures last week, because the old city saver fare has now been dropped.

Opposition Leader Ted Baillieu says the Opposition is considering its legal options with regards to the myki contract, ahead of this year's state election.

"It's years overdue, it's hugely over budget and hasn't delivered," he said.

"We have said before that we will honour contracts, but we will also hold any contractors to that contract and that means we will look at all the legal options in the contract."