A new regional airport on the New South Wales Central Coast is expected to cost up to $250 million to scope and construct.

Plans for the new regional airport are not just a mere concept anymore, with Wyong Council moving ahead with the proposal.

In a report to Council tonight, it has revealed the proposed facility would be located on an amended site to the west of the M1 Pacific Motorway.

Subject to state government approval, Council wants to share its planning and development costs with private partners and seeks to limit its own expenditure to $50-million for the planning stages only.

The report has identified four stages of development starting with a five-year masterplan for the site, which will determine the location of the runway and other facilities including the terminal and car parking.

Wyong mayor Doug Eaton says it is not a proposal for a second Sydney airport; it is for a regional airport to serve the 400,000 residents who will live on the Central Coast by 2031.

Mayor Eaton is buoyant after meeting with the NSW Department of Planning and Infrastructure Acting Director General Neil McGaffin recently.

"Mr McGaffin said the Department of Planning and Infrastructure supports the concept for a Central Coast airport and we agreed to defer it from our Draft Local Environment Plan and conduct a range of studies, develop a masterplan and prepare a detailed planning proposal," he said.