The Labor government has commissioned Professor Fels to conduct a long-term review of the state's toll network with the aim of making it "simpler and fairer".
Drivers will have to wait until at least next year for short-term relief when a promised $60 a week toll cap kicks in.
"My attitude is the interests of drivers have to come first but there are pre-existing legal contracts ... which have to be accepted," Prof Fels said on Wednesday.
"I have no thoughts of overturning existing contracts. I don't know what's in them."
The M5, which opened in 1992, is the first contract to expire in 2026. It will be followed by the Cross City Tunnel in 2035, then the Eastern Distributor, Lane Cove Tunnel, M2 and M7, all in 2048.
Contracts for the new WestConnex expire at the end of 2060.
One of the issues raised with toll reform are potential compensation clauses that could result in the government paying millions to private firms in order to alter contracts.
"I'm not working on the idea that we do things that alter binding contracts and force a compensation bill on the government or the public," Prof Fels said.
"I think the obvious things are when concessions expire, whether you can open up the bidding for the extensions of those roads to be put up for more competitive bidding, when there are new roads, road extensions and so on."
Premier Chris Minns said he looked forward to providing hip-pocket relief to drivers, particularly those in western Sydney who were paying the most.
Roads Minister John Graham said broad reform of the state's toll system would take time.
"This is a big challenge that won't be easy to solve. We've been upfront about that," he said.
"We want this tough customer, Allan Fels, around the table."
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