India has agreed to pay $8.8 billion to France's Dassault for 36 fighter jets, reports said Friday, as sources from both countries hinted a long-delayed deal to purchase the aircraft was imminent.

The purchase of the Rafale jets, first mooted in 2012 and signed off in January, has faced stumbling blocks over the price tag throughout.

"The negotiations are in the final stages but nothing has been concluded so far," an Indian defence official said.

NDTV broadcaster said India would pay $8.8 billion for the jets, adding that the final agreement is set to be signed in India in three weeks, but delivery of the aircraft will not take place for another 18 months.

The head of Dassault Aviation, Eric Trappier, said Wednesday he hoped a final agreement would be reached in the coming days.

"I have high hopes that the contract will be signed soon," he told France's Radio Classique.

Both the French defence ministry declined to comment on the matter.

India entered exclusive negotiations on buying 126 Rafale fighters four years ago, but the number of planes was scaled back in tortuous negotiations over cost and assembly of the planes in India.

France, India finalize $8.8 billion Rafale fighter deal
New Delhi (UPI) Apr 15, 2016 - Indian defense officials have agreed to an $8.8 billion deal to buy 36 Rafale jet fighters from French military aviation firm Dassault.

The formal procurement pact is expected to be signed within three weeks, with initial deliveries of the jets to begin in 18 months according to reports by Indian news outlet NDTV.

The sale had been expected to be completed earlier this year, ahead of a planned visit to India by French president François Hollande

French military officials had initially requested $12 billion for the 36 multi-mission Rafale jet fighters, sought by New Delhi to modernize its air forces in the face of growing military threats from Pakistan and China.

France has also reportedly agreed to invest up to $3 billion in technology transfers to India as part of the Rafale deal.

Early negotiations had stalled over disagreements concerning technology transfer agreements between Dassault and Hindustan Aeronautics Ltd., which was to manufacture the aircraft in India after an initial delivery from Dassault.