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This ceasefire is expected to happen in three stages, once the deal is announced.
And while both sides are now said to have agreed to it, Israel’s security cabinet and government will need to approve the deal before it can be implemented.
Here is what we have previously reported could be in the deal.
First stage
Israeli government spokesperson David Mencer said that 33 hostages – expected to be women, including female soldiers, children, the elderly and the sick or injured – would be exchanged for Palestinian prisoners.
Mr Mencer said that most but not all of the 33 hostages are thought to still be alive.
Three hostages would be released straight away, a Palestinian official told the BBC, with the rest of the exchange taking place over six weeks.
During this stage, Israeli troops would begin pulling out of populated areas in Gaza.
Israel would also allow displaced people now in the south of Gaza to begin to return to the north.
Almost all of Gaza’s 2.3 million people have had to leave their homes because of Israeli evacuation orders, Israeli strikes and fighting on the ground.
There would also be a surge in humanitarian aid deliveries to Gaza, with hundreds of lorries allowed in each day.
The Palestinian official said detailed negotiations for the second and third stages would begin on the 16th day of the ceasefire.
Second stage
What would happen in the second stage is not clear, but there is a broad outline in the drafts leaked to the media.
The remaining male hostages – soldiers and civilians – would be released in return for more Palestinian prisoners.
Of the 1,000 Palestinian prisoners Israel is thought to have agreed to release overall, about 190 are serving sentences of 15 years or more. An Israeli official told the BBC that those convicted of murder would not be released into the occupied West Bank.
There would also be a full withdrawal of Israeli troops from Gaza and the start of a “sustainable calm”. That has been defined in previous proposals as “a permanent cessation of military and hostile operations”.
Third stage
The third and final stage would involve the reconstruction of Gaza – something which could take years – and the return of any remaining hostages’ bodies.
