WASHINGTON, Sept 26 (Reuters) - Chicago-based Boeing Co. (BA.N: Quote, Profile, Research) said on Tuesday its smaller 767 jet, rather than its larger 777, was probably best suited for the Air Force's tanker competition to replace its fleet of aging aerial refueling planes. Company executives said they were still reviewing whether to offer the 767 or 777, and that they would make a decision only after seeing final terms of the competition in December. They spoke to reporters at the annual Air Force Association meeting. The Air Force on Monday released a draft request for proposals (RFP) and said the final version would be out by the end of the year. A contract award, most likely to a single bidder, was expected next summer, Air Force officials said. The competition, which could be worth more than $100 billion over the next three or four decades, pits Boeing against a team of Northrop Grumman Corp. (NOC.N: Quote, Profile, Research) and EADS (EAD.PA: Quote, Profile, Research), the majority owner of Airbus and Europe's largest defense contractor. Northrop and EADS have said they would offer a version of the Airbus A330 if they enter the competition. Mark McGraw, vice president of Boeing tanker systems, said Boeing will have delivered its first modified 767 tankers to Italy and Japan by the time the Air Force picks its winner. He said the 777 was bigger and could carry more fuel, but it would only make sense to offer it for the competition if the Air Force made clear that it wanted more capacity. Moreover, the 767 tanker is already in production, while it would take about three years to modify the 777. Continued... < Previous 1 | 2 View our videos at: http://www.youtube.com/profile?user=ewrw4co Roger & Amanda La France