The plan, which is to go before the shadow strategic rail authority, will focus on tripling rail services between Stansted and London's Liverpool Street station during the next five years to accommodate a growth in passengers from 9m to 15m.
Most of the money will be spent on new rolling stock for the Stansted line, which will also have to be widened.
The linking of the £450m Heathrow express, operated by BAA, and the Gatwick express run by National Express, will enable both firms to benefit from joint marketing.
BAA yesterday posted pre-tax, pre-exceptional profit of £393m for nine months - a 5.5% year-on-year drop in line with analysts' expectations. BAA said trading had considerably stabilised since a profit warning four months ago.
Under the scheme with National Express, check-in facilities for air passengers will be developed at Liverpool Street to match similar arrangements at Paddington and Victoria for the Heathrow and Gatwick express services.
Both firms want to proceed as soon as possible. But they will have to gain the approval of the SRA to transfer the existing rail franchise for the Stansted express held by bus and rail operator Prism. The Stansted franchise is not due to expire until 2004.
BAA and National Express are to consider whether a joint ticket could be offered for the three services. The fares at present are not dissimilar: it costs £12 for a single fare to Heathrow and Stansted and £10.80 to Gatwick.
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