The F-16V upgrade package features an active electronically scanned array radar, upgraded mission computer, as well as enhancements to the mission computer, vehicle systems, aircraft structure, cockpit, and electronic warfare system.
Lockheed is already competing to modernise South Korea's F-16s, after the country cancelled an upgrade agreement with BAE Systems in late 2014.
The Republic of Singapore Air Force operates 60 F-16C/D block 52 aircraft, which were upgraded with Israeli-built electronic warfare systems.
According to the publication, the presence of Israeli systems raised a doubt whether the company would be able to upgrade the RSAF F-16s as that would require modifications to the systems.
Apart from Singapore and South Korea, the company is also believed to be working to modernise the F-16 fleets of Thailand and Indonesia.
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