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This ceasefire is expected to take place in three phases, once the agreement is announced.
Details are still being negotiated. Until the deal is 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.
The three hostages would be released immediately, and the rest of the exchange would last six weeks.
During this phase, Israeli troops would also begin withdrawing from populated areas in Gaza.
A Palestinian official said detailed negotiations for the second and third phases would begin on the 16th day of the ceasefire.
The second phase
In the second phase, the remaining hostages – soldiers and reservists – would be released, in exchange for a certain number of Palestinian prisoners.
Of the 1,000 Palestinian prisoners believed to have been released by Israel, 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 into the occupied West Bank.
During this phase, Israel would also allow displaced people who are now in southern Gaza to return to the north.
Almost all of Gaza’s 2.3 million residents have been forced to flee their homes because of the fighting.
The third phase
The third and final phase would involve rebuilding Gaza – something that could take years.
An Israeli official said Israeli forces would remain in a buffer, or safe, zone inside Gaza during any ceasefire.