The US Department of Defense is nearing the finalization of a $10 billion arms deal with Israel, Saudi Arabia and the United Arab Emirates, The New York Times reported Thursday.

The arms sale is aimed at bolstering defenses against possible future Iranian threats, the report said.

According to the Times, Israel would be permitted to purchase from American contractors the KC-135 refueling tanker planes, "anti-radiation" missiles that target air-defense radars, new advanced radars for jets and the V-22 Osprey aircraft.

The deal also reportedly will include $3 billion dollars in military aid to Israel this fiscal year.

The sale of the V-22 Osprey will be the first to any foreign military, according to the report.

The deal was designed “not just to boost Israel’s capabilities, but also to boost the capabilities of our Persian Gulf partners so they, too, would be able to address the Iranian threat — and also provide a greater network of coordinated assets around the region to handle a range of contingencies,” the report quoted a US official as saying.

The United Arab Emirates would purchase 26 F-16 warplanes under the deal, and it and Saudi Arabia would be sold precision missiles to be launched from these planes, the report said.

The Times reported that Israel was reassured that the US would monitor Saudi Arabia and the UAE's use of the advanced missiles.

The deal is set to be finalized next week when US Secretary of Defense Chuck Hagel visits Israel and region, according to the report.

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