Apple Inc. is planning to use a 1.2 trillion parameter artificial intelligence model developed by Alphabet Inc.’s Google to help power its long-promised overhaul of the Siri voice assistant, according to people with knowledge of the matter.

Following an extensive evaluation period, the two companies are now finalizing an agreement that would see Apple pay roughly $1 billion annually for access to Google’s technology, according to the people, who asked not to be identified because the deliberations are private.