The Chicago Tribune and other news outlets are reporting the Pentagon is poised to announce the winner of the sweepstakes to build the next version of the airborne refueling tanker.

A Thursday afternoon press conference has been scheduled.  

The Tribune, calling Boeing Corporation the "underdog," is reporting the Chicago-based aerospace manufacturer will not be pleased by the outcome.

The announcement is the latest stage in a decade-long bidding war that has pitted Boeing, and its St. Louis-based Defense, Space and Security unit, against European Aeronautic Defence and Space.

Hanging in the balance is a $35 billion contract with the potential to provide upward of 50,000 jobs. 

Should Boeing land the contract, the majority of those positions would go to workers at assembly plants in Wichita and Seattle.

If EADS wins, assembly of the aircraft will be assembled in Alabama.

Many experts see Thursday's announcement signaling little more than the start of the next phase in the quest to replace a fleet deployed by the U.S. Air Force since the Eisenhower administration.

In 2008, the Pentagon awarded the EADS the tanker contract only to have the bidding reopened after Boeing convinced the General Accounting Office the process was tainted.

The prolonged tanker contract has also been marred by a procurement scandal that resulted in criminal charges against top Boeing officials.