Fincantieri is being linked with an order from Carnival Corp for two new cruiseships.
A deal worth $1.5bn could be announced as early as Thursday, La Stampa reported, citing industry sources.
Fincantieri is already building nine vessels for the US group. Deliveries run from this year to 2020.
The ships range in size from 40,000 gt to 144,000 gt.
The Italian company is also a “prime contractor” for two firm vessels and two options being built by CSSC in China for Carnival for delivery from 2022.
Fincantieri told TradeWinds it had no comment on the report.