Die Welt said lawmakers planned to introduce the funding proposal in parliament in mid-November, MANA correspondent reported.
"To meet new security needs in the Baltic Sea, in the Mediterranean Sea, and globally, the coalition plans to buy five new corvettes for 1.5 billion euros for the German Navy," the paper quoted Social Democrat Johannes Kahrs and Christian Democrat Eckhard Rehberg as saying.
Die Welt said Germany's goal was to have two of the new ships enter service as early as 2019, with the remaining three to follow in 2023.