Boeing's ( BA) commercial-satellite manufacturing business is likely to receive a multi-satellite order valued at more than $400 million from Intelsat, the Wall Street Journal reports, citing people familiar with the matter.

No final agreement has been signed, but negotiations between Boeing and Intelsat, which has the world's biggest commercial satellite fleet, have been making steady progress over recent months, the Journal reports. A contract for as many as four satellites with an estimated total value of between $400 million and $550 million is expected to be signed within the next few weeks.

"Boeing is actively engaged in a number of commercial satellite pursuits, but for competitive reasons, we don't disclose the details," a Boeing spokesman told Reuters when asked about the report.

The anticipated deal, first reported by industry publication Space News, would help rejuvenate Boeing's satellite-making unit, which has barely broken even in recent years, according to the Journal.

Intelsat previously had confirmed that it was seeking bids for a number of new satellites as part of a capital budget slated to top $525 million this year, the Journal reports. Loral Space ( LORL) also is believed to be another bidder still talking to Intelsat.