The total value of the purchases is expected to be around 800 billion rupees ($9.75 billion), according to one of the sources.
Earlier this year, the government proposed a 13% hike in defence spending to 5.94 trillion rupees for the 2023-24 financial year.
The marine version of Dassualt's Rafale jets, intended for India's first indigenous aircraft carrier commissioned last year, outperformed the American Superhornet F18s in tests last year for Indian requirements.
India has relied on French fighter jets for four decades now.
In 2005, India bought six Scorpene-class diesel submarines from France for 188 billion rupees ($2.29 billion), the last of which will be commissioned next year.
Persons:
Narendra Modi's, Rajnath Singh, Modi, Singh, Krishn Kaushik, Tanvi Mehta, Kim Coghill
Organizations:
Rafale, Defence, procurements, Dassault Aviation, Mazagon, France's Naval Group, Mirage, Thomson
Locations:
DELHI, France, Paris, Pakistan, China, India