Australia's $50 billion fleet of new submarines will be known as the "Attack class" and delivered to the Navy in the early 2030s.
Defence Minister Christopher Pyne has confirmed protracted negotiations with French shipbuilder Naval Group on all key aspects of the strategic partnership are complete.
The agreement will be signed early next year and govern the delivery of the fleet in the decades to come.
"The Attack class represents the inherent stealth, long-range endurance and lethality of a submarine," Mr Pyne said.
Chief of Navy Michael Noonan described the new fleet as "regionally superior".
"The Attack class will meet the Navy's capability needs and help protect our security and prosperity for decades to come," Vice Admiral Noonan said.
Late last week, the defence minister rubbished reports the new fleet could arrive late and cost billions more than expected.
Defence and Naval Group officials were locked in negotiations for several years to produce the 12 submarines.
Prime Minister Scott Morrison discussed the submarine negotiations with French President Emmanuel Macron on the sidelines of the G20 Summit last month.
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