Kommersant reported that Russia and Cuba had agreed "in principle" to reopen the Lourdes base, mothballed since 2001, citing several sources within Russian authorities.
"The agreements were finalised while President Vladimir Putin visited Havana last Friday," the respected daily wrote.
Russia had closed the Lourdes spy base south of Havana on Putin's orders to save money and due to a rapprochement with the United States after the September 11 attacks.
The base was set up in 1964 after the Cuban missile crisis to spy on the United States. Just 250 kilometres (155 miles) from the US coast, it was the Soviet Union's largest covert military outpost abroad with up to 3,000 staff.
More From This Section
It was used to listen in to radio signals including those from submarines and ships and satellite communications.
"All I can say is -- finally!" one Russian source told Kommersant of the reported reopening.
Ahead of Putin's visit to Cuba last week as part of a Latin American tour, Russia agreed to write off 90 percent of Cuba's debt dating back to the Soviet era, totalling around USD32 billion.
Russia paid Cuba rent of USD200 million per year to use the base in the last few years it was open.
A former head of Russia's foreign intelligence service, Vyacheslav Trubnikov, told the newspaper the base would strengthen Russia's international position.
"Lourdes gave the Soviet Union eyes in the whole of the western hemisphere," he said. "For Russia, which is fighting for its lawful rights and place in the international community, it would be no less valuable than for the USSR."