Draft documents with proposals for a new ceasefire agreement and hostage release were exchanged between Israel and Egypt, according to Israeli public radio Kan.

The move is aimed, according to the same source, at bridging the differences between the proposals put forward by the Egyptian negotiators and that of US special envoy Steve Whitcoff.

Senior Israeli officials tell Kan that“it is possible to reach an agreement soon.”

The Egyptian proposal released earlier this week calls for the release of eight live hostages and eight bodies in exchange for a 40- to 70-day ceasefire and a large number of Palestinian terrorist and prisoner releases.

Whitcoff proposed a deal last month that would have seen the release of five hostages in exchange for a large number of Palestinian security prisoners and a two-month ceasefire.