Victorian Premier Dr Denis Napthine said if the coalition was returned at next Saturday's state election it would contribute $20 million to a $59 million redevelopment of the historic site.
The Junction Oval will be redeveloped to host Sheffield Shield cricket, while the adjoining Ian Johnson Oval would become a training base for the Saints.
The AFL has committed $10 million to the project, leaving a $19 million funding gap.
Dr Napthine said the federal government would be approached to make up the shortfall.
"(AFL CEO) Gill McLachlan is certainly working with other parties including the federal government and we, as a state government, will be making strong representations to the federal government urging them to participate," he said.
The Labor opposition in Victoria has promised to spend $25 million to fund a cricket and community centre at the Junction Oval, a move that would free the MCG for football in round one every season.
After the coalition announcement St Kilda president Ian Summer said, "Saints supporters will be rapt at the prospect of their club reconnecting with its heartland in St Kilda.
"Junction Oval is the Saints’ spiritual home and the club played there for more than 90 years - it’s an important part of our history. We believe an exciting opportunity exists to create an iconic sporting hub which plays host to both elite and community sport all year round.
"Regardless of any possible move, St Kilda remains committed to having a presence in the Frankston and Bayside area which has long been a source of significant club support and champion Saints players including Harvey, Loewe and Burke."
St Kilda was based at the Junction Oval until its move to Moorabbin in 1965, later shifting its administration and training facilities to Seaford after the 2010 season.
