Bombardier shares gained more than 11 per cent on Wednesday as media reports suggested the aerospace firm is getting set to announce an investment from the Quebec government that would provide a lifeline to its long-delayed CSeries jet program.

Bombardier shares were up 16 cents to $1.61 on the TSX as La Presse and Reuters both cited confidential sources at the company saying the aerospace firm would announce an investment from the government of Quebec when it reveals its quarterly earnings Thursday.

Reuters, citing unnamed sources at the company, said Bombardier will form a joint venture with the Quebec government that will see the latter be on the hook for about half the remaining development costs for the project. The plane maker will also permanently mothball its Learjet 85 program as another cost-saving move.

French language newspaper La Presse first reported similar details earlier in the day.

Analyst Benoit Poirier of Desjardins Capital Markets said he suspects the province could either make a $1 billion to $2 billion direct participation in Bombardier Transportation or provide favourable financing to CSeries customers. He doubts it will come through equity financing given the 62 per cent drop in the company's stock price this year.

A spokesperson with Bombardier said in a statement that the company does not comment on rumours or speculation.

The next generation jet was originally supposed to be delivered to airlines in 2013 but has ben racked by multiple delays, costing billions of dollars.

Last month, the government of Quebec said it stands ready to help Bombardier, should the need arise. The aerospace giant is one of the largest employers in the province, with almost half of the company's 40,000-strong workforce hailing from the provinces.

Quebec's pension plan, the Caisse de dépôt et placement du Québec, is already the third-largest shareholder of Bombardier, with more than 41 million shares in the company.