But full-funding to make it happen may be further off.

The Ballarat-bound lanes west of the reservoir were the scene of an horrific 2016 crash that killed Ballan man Nik Barbara. The shadow of his huge cross still looms over the road that claimed his life.

"We're currently doing some design work," the Department of Transport and Planning's regional transport chief Paul Northey said.

"The project is part of the Commonwealth targeted road safety package which including funding from both Commonwealth and State.

"The design work will work out what the best long-term solution is."

Speaking at a road repair announcement in Ballan, he said the freeway designs would look at a combination of road alignment and slope.

"We're looking at what we can do within the scope of the budget to make that section of the road safer."

The Federal Government has timed the project for mid-2023 to mid-2024. It should see a revamp of 1.1 kilometres of the freeway including earthworks, pavement and drainage upgrades, signage, line marking and safety barriers.

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The project cost is now listed at $13.5 million - and the Federal Government has tipped in $10.8 million.

When asked if and when the state funding would be announced, Eureka State Labor MP Michaela Settle and State Roads Minister Melissa Horne did not respond.

The western side of the 'big dip' was the scene of at least two fatalities and countless serious smashes between 2014-18, according to data collected by the RACV.

According to Southern Rural Water the reservoir was completed in 1911 - and the Western Highway was constructed over part of the dam in 1967.

As part of these works, the dam was extended out by 73 metres to allow it to clear the toe of the highway embankment.

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