Provided the Pentagon gives the firm a fair chance at winning the contract, European aerospace giant EADS is poised to present a revised bid to build a multibillion aerial-refueling fleet for the U. S. Air Force. The announcement, the latest twist in a near decade long saga, comes a week after the firm pulled out of the contest, accusing the Pentagon of revising requirements to suit the competing bid of Boeing.

The annulment sparked a diplomatic fracas with senior European officials berating the United States for what they billed as an act of protectionism.

Allowing EADS to pitch a fresh offer, this week, the Pentagon said it was considering an extension of the bids deadline.

Bryan Whitman, a department spokesman, told reporters at the Pentagon, "We're considering that request." The present deadline is May 10. EADS insists, however, that the Pentagon, also revise its bidding requirements.

A company statement said, "This is a significant development. EADS is assessing this new situation to determine if the company can feasibly submit a responsive proposal to the department's request for proposal."

EADS further said, "An important pre-requisite for our consideration of entry into this competition will be a significant extension to the period within which to prepare and submit a proposal."

Should EADS proceed, its North American unit will most like bid on its own or search to find a partner after Northrop pulled out.

It was not immediately clear how long an extension EADS had been given to submit its new bid to the Pentagon. (With Inputs from Agencies)