A massive new road from the Ring Road at Greensborough to EastLink looks set to become Melbourne's next big transport project, with Treasurer Tim Pallas declaring it "innately" makes sense.

Adding to Victoria's already crowded infrastructure agenda, Mr Pallas revealed the state's independent major projects adviser, Infrastructure Victoria, would be delivering a verdict on the "North East Link" proposal by the end of the year.

"If you look at the way that most modern cities operate, this idea of an outer suburban high capacity freeway network I think has a lot of merit to it," he told The Melbourne Press Club. "Innately, I think there is some sense in it."

The project - often referred to as the "missing link" - has been the RACV's top transport priority for years. The roads lobby group argues completing the Metropolitan Ring Road would dramatically cut congestion and connect freight centres around Dandenong with the Hume Highway.