PARIS — GDF-Suez SA is on the verge of signing a deal with China Investment Corp, which could see the Chinese sovereign-wealth fund take a 30 percent stake in the French energy giant's exploration and production business for around 3 billion ($4.28 billion), according to a person familiar with the matter.

GDF Suez's board is set to meet and discuss the potential deal in the two coming days, the person added. If agreed, the company is scheduled to announce the deal when it presents its earnings on Wednesday.

The deal is part of a wider venture which could see CIC take a share in GDF-Suez's businesses in the Asia Pacific region, with the exception of China itself, the person said.

If completed, the deal would allow GDF to expand its footprint in energy-hungry Asia Pacific while pursuing its strategy to reduce debt.

The GDF-Suez planned deal was first reported in French newspaper Les Echos. Shares in GDF rallied in Paris trading Monday, rising 2.7 percent to 20.96 euros.

GDF's exploration and production unit accounted for 1.59 billion of revenues in 2010. Spokespeople for CIC couldn't be reached for comment.

Eliot Gao contributed to this article.