This ceasefire is expected to take place in three phases after the deal is announced.
Details are still being worked out. While the agreement is not finalized, it is subject to change.
The first stage
A Palestinian official told the BBC that in the first phase, 34 hostages, expected to be civilians, would be exchanged for Palestinian prisoners.
Three hostages will be released immediately, and the remaining exchanges will take place within six weeks.
At this stage, Israeli forces will also begin withdrawing from Gaza settlements.
A Palestinian official said detailed negotiations on the second and third phases would begin on the 16th day of the ceasefire.
The second stage
In the second stage, the rest of the hostages – soldiers and reservists – will be released in exchange for Palestinian prisoners.
Of the 1,000 Palestinian prisoners Israel is believed to have agreed to release, 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 to the occupied West Bank.
At this stage, Israel will also allow displaced persons currently in southern Gaza to return to the north.
Almost all of Gaza’s 2.3 million people have been forced from their homes by the fighting.
The third stage
The third and final phase will involve rebuilding Gaza – something that could take years.
An Israeli official said Israeli forces would remain in the buffer zone, or safe zone, in Gaza during any ceasefire.
