Egypt has proposed a ceasefire between Israel and Gaza that would take effect Tuesday morning, local time.
In its proposal, Cairo's Foreign Ministry is calling on Israel and Palestinians in Gaza to de-escalate their conflict by 9 am, local time, after which a full ceasefire would go into effect within 12 hours.
This would then be followed by negotiations in Cairo within 48 hours.
According to reports, the proposal says Israel should end all 'hostilities' in Gaza from the land, air and sea and refrain from launching a ground offensive that targets civilians.
Hamas would have to stop firing rockets into Israel.
Israel's security cabinet, headed by Prime Minister Benjamin Netanyahu, is set to meet early Tuesday to discuss the proposal.
U.S. Secretary of State John Kerry may also travel to Cairo Tuesday for talks with Egypt's president.
However, the chance of a ceasefire ending a week of cross-border fire looks increasingly unlikely.
One of the stumbling blocks is that Hamas wants hundreds of its members who have been detained by Israel to be freed.
Israel, on the other hand, says its ongoing attacks are aimed at depleting Hamas and quashing its will to fight.
Palestinian militants have resumed rocket attacks on Israel and despite international pressure for a ceasefire, Israel continues to pound Gaza from the air and sea.
Rockets fired from Gaza have been regularly intercepted and only half a dozen Israelis have been injured.
A health official in Gaza says around 180 Palestinians -- mostly civilians -- have been killed and nearly 14-hundred injured since Israel started air strikes last week.
Kim Hyun-bin, Arirang News.