The document was signed in the presence of Russian President Dmitry Medvedev and Venezuelan President Hugo Chavez on board Russia's Admiral Chabanenko missile destroyer, currently visiting the Latin American country.
Under the arrangement, the two countries will sign a contract for the supply of the Il-96-300s within 30 days. The airliners are to be delivered in late 2009.
"Two Il-96-300 aircraft should be in Venezuela by the end of next year," an Ilyushin official said.
Il-96-300 planes, which can carry up to 300 passengers, have been produced in Russia since 1992.