NSW will work with the federal government on the upgrade, with $500 million to be set aside in June 21's state budget, The Daily Telegraph reported on Saturday.
In the run-up to May's federal election, Labor pledged $500 million of commonwealth funds to a scheme to link Sydney and Newcastle, saying if it won government it would prioritise a link that could eventually cut travel time between the state's two most populous cities from two-and-a-half hours to 45 minutes.
The NSW plan, focused initially on the Sydney-Central Coast link, will improve the Tuggerah-Wyong connection and include new electrified tracks, rail bridges over the Wyong River and station upgrades.
Work is set to begin in 2025.
The revamp will reportedly make it possible for express passenger services to overtake freight services and all-stop passenger trains, speeding up travel times.
Committee for Sydney chief executive Gabriel Metcalf on Saturday welcomed the move towards upgrading the link, saying a NSW government commitment meant state and federal governments were "now working together to deliver on fast rail".
"Getting on a trip from Gosford to the city in 25 minutes and Newcastle under an hour will be a game-changer for commuters, students and many others," Mr Metcalf said in a statement.
"It will reshape the geography of our city.
"As we emerge from two-and-a-half years of disruption and lockdown, this is a project that will get people inspired about Sydney's future and kickstart our economic recovery."
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