The report said a deal could be announced Monday, though it could also fall through. A Boeing spokesman had no comment. A spokesman for KLX wasn't immediately available.
Boeing Chief Executive Officer Dennis Muilenburg said in an interview with Reuters on March 8 that the company was looking into an acquisition of Brazilian aerospace company Embraer.
Muilenburg said in the interview Boeing had enough cash "horsepower" to invest in its business, return money to shareholders and "make these targeted acquisitions."
Muilenburg also said in a CNBC exclusive in February on the Embraer deal, "We are making progress, still have some work to do, but I am hopeful that we can bring that deal to a successful close."