Top Russian and Egyptian ministers are holding talks in the Egyptian capital, Cairo, that will reportedly include possible arms deals.
Reports suggest that weapons deals worth as much as $2bn (£1.2bn) could be on the table.
The flurry of diplomatic activity follows a decision by US President Barack Obama to cut American defence aid to Egypt.
According to source, the flagship of Russia's Pacific Naval Fleet, the cruiser Varyag, is on a six-day visit to Alexandria - the first Russian warship to visit Egypt since 1992.
Some analyst has described the meeting between Egyptian and Russian officials as "historic".
In October, the US said it was suspending a large part of the $1.3bn (£810m) in aid it gives to the Egyptian military.
It followed a crackdown by the authorities on supporters of ousted President Mohammed Morsi that left hundreds of people dead.