"In addition to the small arms, light weapons and ammunition delivered earlier, a large shipment of BMP-3 infantry fighting vehicles is to be delivered," said Igor Sevastyanov, deputy general director of Rosoboronexport.
He added that the contract "could be signed within a month."
He also said negotiations were continuing on the sale of multiple rocket launchers and artillery systems.
In September, Russia agreed to provide Vemezuela with a $1 billion loan so that Caracas could buy TOR-M1 air defense systems, Igla-S portable SAM systems, Il-78 aerial tankers and Il-76 military cargo aircraft.
Between 2005 and 2007 Russia signed 12 contracts worth more than $4.4 billion to supply arms to Venezuela, including fighter jets, helicopters and Kalashnikov assault rifles.
Russia exports arms to about 80 countries, with Venezuela is among its biggest customers, along with China, India, Algeria, Iran, Malaysia and Serbia.
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During the 11th Annual Meeting to be held in Sochi from October 22 to 24, experts of the Valdai International Discussion Club will focus on whether the global community will develop ground rules for the world politics or whether it will be a game without any rules where everyone fend for themselves.