Philippine Airlines (PAL) plans to order nine Airbus A350-1000 wide-body jets.
The carrier will also acquire 15 Boeing 787-10 aircraft as part of a split fleet expansion.
This modernization strategy targets fuel efficiency and long-haul growth to North America.
Industry sources expect a formal announcement at the Farnborough Airshow in late July.
Airbus, Boeing, and PAL have not officially commented on the deal.