The U.S. Defense Security Cooperation Agency, in its required notification to Congress, said the package would include associated equipment, parts, training and logistical support.
The principle contractor for the boats if the sale is approved has not yet been determined.
"This sale of Mark V patrol boats will give the Royal Saudi Naval Forces an effective combat and threat deterrent capability to protect maritime infrastructure in the Saudi littorals," the agency said. "This acquisition will enhance the stability and security operations for boundaries and territorial areas encompassing the Saudi Arabian coastline.
"This proposed sale will contribute to the foreign policy and national security of the United States by helping to improve the security of Saudi Arabia, which has been, and continues to be, an important force for stability in the Middle East."
Included in the package would be 32 27mm guns, spare and repair parts, support equipment, personnel training and training equipment, publications and technical documentation.