Both junctions have poor visibility and relatively high traffic speeds, which have led to some very serious accidents over the years.
A spokesperson for Falkirk Council said: “Feasibility work is ongoing and the optimum junction arrangement will be confirmed on completion of the study.
“The project will then move to the detailed design stage before progressing to construction.”
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Councillors were asked to replace work that had been approved for Waterslap Road, near Letham, with work on the Champany junction.
They were advised that this junction “has seen a number of accidents in the last 10 years and presents a more serious road safety issue than Waterslap Road”.