Multiple sources familiar with the Sharm El-Sheikh negotiations told CNN that a ceasefire agreement in Gaza could be reached within the next 48 hours.

Two Israeli sources said the agreement is “very close.”

While one source indicated an announcement might be made within the next 24 hours, a third source said an agreement could be reached within 48 hours, with the release of hostages likely to begin early next week.

An American official confirmed progress, stating that “the agreement could be reached within days.”

In another sign that talks are moving positively, an Israeli official said the government has already begun working on a preliminary draft of a ceasefire resolution, which will be presented to the cabinet for a vote if an agreement is reached.

Under Israeli law, any decision to release Palestinian prisoners as part of a hostage deal must first be approved by the government.

If the cabinet votes in favor of the agreement, there will be a short window to submit petitions to the Israeli Supreme Court to challenge the releases. The government cannot proceed with the releases until this hurdle is overcome.

The Sharm El-Sheikh negotiations, described as pivotal, continue with hopes of reaching a ceasefire agreement in Gaza according to the plan proposed by former U.S. President Donald Trump. The meetings involve delegations from Egypt, Qatar, Turkey, the United States, Israel, and Hamas. The talks focus on mechanisms to implement the ceasefire, Israeli withdrawal from Gaza, and prisoner exchanges.