This ceasefire is expected to happen in three stages, once a deal is announced.
Details are still being ironed out. Until an agreement is finalised, it is subject to change.
First stage
A Palestinian official told the BBC that in the first stage, 34 hostages – expected to be civilians – would be exchanged for Palestinian prisoners.
Three hostages would be released straight away, with the rest of the exchange taking place over six weeks.
During this stage, Israeli troops would also begin pulling out of populated areas in Gaza.
The Palestinian official said detailed negotiations for the second and third stages would begin on the 16th day of the ceasefire.
Second stage
In the second stage, the remaining hostages – soldiers and reservists – would be released, in return for a number of Palestinian prisoners.
Of the 1,000 Palestinian prisoners Israel is thought to have agreed to release, 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 stage, Israel would also allow displaced people now in the south of Gaza to return to the north.
Almost all of Gaza’s 2.3m population have had to leave their homes because of the fighting.
Third stage
The third and final stage would involve the reconstruction of Gaza – something which could take years.
The Israeli official said Israeli forces would remain in a buffer, or security, zone inside Gaza during any ceasefire.