Brazilian officials are in talks with the owners of the Paris Charles de Gaulle International Airport and the owners of Frankfurt Airport over a possible concession to run Rio de Janeiro's Galeao International Airport, according to Rio de Janeiro Finance Secretary Joaquim Levy.

"A privatization of the airport could bring in $3 billion to $4 billion," Levy said, speaking to a Brazilian investment conference in New York via telephone.

Levy told Dow Jones Newswires at a conference in Miami last week that Aeroports de Paris (ADP.FR), owner of Charles de Gaulle, had shown interest, as well as Fraport AG (FRA.XE), owner of the Frankfurt airport. Officials said these are just two of many entities looking at Rio's airport, including parties within Brazil.

A deal would be in the form of a concession, in which the Brazilian government would grant ownership of the airport for around 25 years, according to Cristiano Prado, manager of infrastructure and new investments at the Rio de Janeiro Federation of Industries, or Firjan.

The concessions could then be extended for another 25 years, he explained.

A spokesman for Fraport said Thursday the German airport operator has a strong interest in the Brazilian market, but added that it is up to the Brazilian government to create the necessary conditions for privatization first.

"But we're looking at this process with great interest and we're following developments closely," he said when contacted by Dow Jones Newswires.

A spokesman from Aeroports de Paris declined to comment. The company, however, has been branching out and taking stakes in other airports around Europe.

A concession on the airport is part of a broader effort by the Brazilian government to attract investment dollars from overseas to help fund the massive overhaul of the city of Rio de Janiero in time for the Olympic games in 2016. Brazil is also hosting the soccer World Cup in 2014. The cup's final game is scheduled for Rio's famed Maracana Stadium.

Officials have been touring the U.S. as well as some European and Asian countries to speak with prospective investors.

Prado said he has been in talks with entrepreneurs in Thailand, India, Korea, Germany, Japan and China, among others.

Firjan estimates about $60 billion of investment into Rio is needed for the next three years as the city remodels public transportation lines to double capacity between some busy hubs and to build new hotels. Construction of new port facilities and a remodeling of the airport is also included in these infrastructure investment plans.

These are still early estimates and Brazilian officials say they can't provide numbers for how much money will actually be flooding into the region from all the different projects. More than 100 projects have already been announced and total investments into the city should increase, Firjan says, now that Rio has won the bid to host the Olympics.

Levy said last week the government expects about 30% of total investment to come from the private sector.

The spotlight on Rio has also put the city's high crime rate into focus and many in the investment community have raised concerns over security.

In response to those concerns, Levy said Thursday that the government is putting $2 billion toward increasing security and social services in some of the poorer parts of the city, known locally as favelas.

-By Kejal Vyas, Dow Jones Newswires; 212-416-2185; kejal.vyas@dowjones.com

(Kirsten Bienk in Hamburg contributed to this report.)