UPDATE 1-Boeing applies to stay in race to supply Canada with fighter jets

(Adds details, background)

OTTAWA, Feb 22 (Reuters) - Boeing Co, which is locked in a trade dispute with the Canadian government, has applied to stay in the race to supply Canada with 88 new fighter jets, the government said on Thursday.

Boeing is one of five potential contenders to supply the jets, including U.S. rival Lockheed Martin Corp.

Canada is due to release the exact specifications for the jets next year and officials say the deal is worth between C$15 billion ($11.80 billion) and C$19 billion.

Reuters revealed last week that the U.S. aerospace giant, which angered Canada by launching a trade challenge against planemaker Bombardier Inc, would remain in the race.

None of the potential contenders is obliged to put forward their jets in the competition.

The government said the firms eligible to take part are:

* Lockheed-Martin, which makes the F-35 stealth fighter

* Boeing, which makes the F-18 Super Hornet

* Airbus, which makes the Eurofighter

* Saab AB, which makes the Gripen

* Dassault Aviation, which makes the Rafale

($1 = 1.2709 Canadian dollars) (Reporting by David Ljunggren; Editing by Matthew Lewis and Bernadette Baum)