Israel and the Palestinian Islamic Jihad movement in Gaza have agreed a truce that will go into effect at 10 p.m. (1900 GMT), according to numerous reports late on Saturday.
Egypt, which brokered the ceasefire, called on all sides to adhere to the agreement, Egypt's Al-Qahera News television channel reported.
A Palestinian source also told Anadolu Agency that "Egypt presented a new formula for a ceasefire to end the Israeli escalation in Gaza, and it was approved by Israel, the Islamic Jihad Movement and the Palestinian factions".
Reuters also reported it had seen a text of the agreement.
"In light of the agreement of the Palestinian and Israeli side, Egypt announces a ceasefire between the Palestinian and Israeli side has been reached," a Reuters report said.
"The two sides will abide by the ceasefire which will include an end to targeting civilians, house demolition, an end to targeting individuals immediately when the ceasefire goes into effect," it added.
There was no immediate confirmation from the Islamic Jihad and Palestinian factions nor Israeli officials
Israel had previously ruled out an immediate truce in Gaza, saying it would continue to target Islamic Jihad commanders.
At least 33 Palestinians, including children, have been killed in an Israeli escalation against the coastal enclave since Tuesday.