Indian Defence officials told India Today that the deal is valued at over Rs 63,000 crore.
The Cabinet Committee on Security on April 9 approved the procurement of the 26 Rafale-M aircraft for the Indian Navy.
The contract encompasses 22 single-seater and four twin-seater jets, along with a comprehensive suite for fleet maintenance, logistical support, personnel training, and the manufacturing of indigenous components, India Today.
A formal announcement on the matter is scheduled to be held later in the day.
With an eye on enhancing the country's maritime security power, the advanced Rafale-M fighter jets will be operated from India's aircraft carriers, INS Vikrant and INS Vikramaditya.
The delivery of the jets will begin three-and-a-half years after the contract is signed and is expected to be completed in about six- and-a-half years, official sources earlier told The Hindu.
The Rafale Marine fighter jets are globally considered one of the most efficient in its segment.
It is currently operated by the French Navy.