Taoiseach Bertie Ahern has revealed the feasibility study undertaken by the National Roads Authority into the construction of a Dublin Outer Orbital Route will be ready within weeks.
It is understood the new 100km (62 mile) road would begin at Drogheda, cross the N3 between Navan and Kells and heading southwards past Trim before continuing to Kilcock where there would be an interchange with the M4.
From there it would continue to a junction with the M7, possibly at the existing M7/M9 interchange at Kilcullen.
The NRA believes the road can be completed for just over €1 billion, a figure based largely on land costs significantly cheaper than recent Dublin area projects. However, the authority has said there "is absolutely no question" of the road being built out of its current multiannual budget which runs until the end of 2009.
"In a strong economy with a growing population, the need for such infrastructure clearly exists at present," Mr Ahern told the Fianna Fáil Councillor's Conference in Bettystown, Co Meath. "The high volume of traffic and the pressure on existing roads connecting the growing towns in the region is evidence of this.
"Without this improvement in the capacity and quality of the transport linkages between these towns and around the Greater Dublin Area their ability to grow, to prosper and to sustain stronger communities is constrained."