I would like to thank everyone for their prompt responses on this matter.
I have managed to achieve what i wanted with the concept of network bonding.
I finally got some time to review all the links which was shared here on this post (especially by @craigcurtin & @lu4t )
I had no idea something like this existed. I have managed to resolve this and now i can have a smooth transitions between my 2 ethernet connections (eth0 and eth1) using this technique.
I went on poking around with our friend "Google" and found this very easy process on how to set this up.