The initial price guidance for the issue has been given at 450 basis points over a similar tenure US Treasury bond, said the sources, who declined to be named.
The bank has appointed Barclays Capital, Citibank, HSBC, JP Morgan and Standard Chartered Bank as bookrunners, the sources said.
The private lender will issue the bonds through its Dubai branch, they said.
Should a deal materialise, it will mark Axis' return to the offshore markets after almost sixteen months.
Axis raised $500 million through a 5.5-year bond in late October, which priced at a coupon of 4.75 percent or 360 basis point over Treasuries.