The New York Times has quoted US government sources as saying a potential agreement to pause Israel's military operations in Gaza for two months in exchange for the release of more than 100 hostages held by Hamas will be discussed in Paris as early as Sunday.

According to the report published on Saturday, the plan calls for fighting to stop to allow for Hamas to release female, elderly and wounded hostages for about 30 days as the first of two phases.

The draft aims for the release of Israeli soldiers and civilian men in the following 30 days as the second phase. The number of Palestinians to be released by Israel is still to be negotiated.

CIA Director William Burns, Israeli officials as well as officials from Qatar and Egypt that are brokering the deal will reportedly meet in the French capital as early as Sunday.

The New York Times said, "American-led negotiators are edging closer to an agreement," and added that a deal "could be sealed in the next two weeks."

However, White House National Security Council spokesperson John Kirby told reporters on Thursday, "We should not expect any imminent developments."