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Both sides said they were close to an agreement to end more than a week of fighting. President Biden and other world leaders intensified calls to end the conflict, which has killed at least 227 people in Gaza and 12 in Israel.
The Israeli Security Cabinet moved to approve a ceasefire between Israel and Hamas on Thursday, according to reports by Israeli media. Channel 12 reported that the truce is expected to begin at 2 a.m. local time.
According to Reuters, citing a Hamas official, Israel and the military group will enter a "mutual and simultaneous" Gaza truce at 2 a.m. local time [23:00 GMT] on Friday.
The Security Cabinet meeting was convened earlier in the day by the Israeli PM Benjamin Netanyahu, reportedly ending after three hours.
Faced with the possibility of a truce, Palestinian Foreign Minister Riyad al-Maliki said that he would welcome the ceasefire by Israel, but it will not be enough, as Jerusalem remains the key issue.