The Gripen E/F models, made by Nordic industrial giant Saab, will replace the Royal Thai Air Force's older F-16 A/B jets bought in the 1980s.
The announcement is the first phase of a 10-year plan to buy 12 fighter aircraft as Thailand updates its air power.
"This is an important project to strengthen our force to protect our sovereignty," Air Force Chief Punpakdee Pattanakul told reporters.
The procurement order will go to the Thai cabinet for approval around mid-July, and is expected to be finalised by the end of August.
A procurement committee recommended buying the Gripen rather than the F-16 last August after a 10-month process of deliberation.
The kingdom already operates 11 older Gripens, as well as dozens of F-16s.
The decision to favour the Swedish fighter over the American one is unlikely to help Thailand's efforts to reach a tariff deal with US President Donald Trump's administration.
Thailand is hoping to negotiate some kind of reduction or relief from Trump's threatened 36 percent levy, announced as part of the president's sweeping global "reciprocal" tariffs.
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