Renault Group and Nissan Motor Co. will formally unveil the agreement to reshape their alliance on Feb. 6 in London, the companies.
The deal will reshape the two-decade-old alliance to put the two carmakers on an equal footing.
Renault will reduce its controlling stake in Nissan to 15 percent from 43 percent, while Nissan will take a share in Renault's carved-out electric-vehicle business Ampere.
Both sides will be able to exercise voting rights up to 15 percent. Currently Nissan has no voting rights attached to its stake -- a longtime source of contention.
"At this conference, the members of the alliance will present the agreements that will define the new bases for their partnership - presuming prior approval of their respective boards," the companies said on Thursday.
The reshuffling would be the first major overhaul since Renault saved Nissan from near bankruptcy in 1999 by taking controlling stake in the then-flailing Japanese blue chip.
Under the envisioned rebalancing, the companies will bolster their international cooperation with new operational projects in Latin America, India and Europe.
Reuters and Bloomberg contributed to this report