The world's sixth-largest airline also said it was accelerating delivery of previously ordered Boeing airplanes, the Wall Street Journal reported Thursday. The 10 7E7s are worth about $1.3 billion at list prices, though Continental will likely pay less.

Made of carbon-fiber composite materials instead of metals like aluminum, the 7E7 will be 20 percent cheaper to fly than other airplanes and also will be cheaper to make.

Boeing has signed orders for 122 7E7s from All Nippon Airways, Japan Airlines (OTCBB:JALSF) and a few smaller carriers. But Continental is the first major U.S. carrier to place an order for the 250-seat, twin-aisle plane with a 3,500-mile range.

"The 7E7 is simply a game changer," Gordon Bethune, Continental's chairman and chief executive, said. "It will position Continental for significant international growth from our New York and Houston hubs over the next decade."