Israel is ready for a cease-fire with Hezbollah after the Israeli army suffered heavy casualties in Lebanon.
The draft calls for Israel and Lebanon to implement UN resolutions.
According to Israeli media, the full implementation will be finalized during the 60-day ceasefire.
Hamas ready for ceasefire talks in Gaza
Israel will withdraw its forces from Lebanon within 7 days of the cease-fire, the deployment of Lebanese forces will begin when the Israeli forces withdraw.
Caretaker Lebanese Prime Minister Najib Makati expressed hope that a ceasefire would be reached in a few hours.
The White House says reports and drafts of the Israel-Lebanon ceasefire are circulating but do not reflect negotiations.
According to reports, Israel is giving up on pushing Hezbollah away from the Latani River due to heavy casualties.
Palestinian media say that 62 Israeli soldiers have been killed by Hamas and Hezbollah in Lebanon and Gaza this month.
