Egypt proposed that Israel and Gaza implement a ceasefire beginning early Tuesday to put a stop to the cross-border fire between the two parties.

The proposed initiative is to be followed by negotiations in Cairo with top representatives from Israel and Gaza. However, a Hamas official said they would first have to sign a full political agreement before implementing a ceasefire, BBC News relayed.

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The security cabinet of Prime Minister Benjamin Netanyahu would talk about the proposal on Tuesday, according to Israeli officials. Hamas, a group that controls Gaza, was already weakened considerably after the air strikes took down its rockets and manufacturing plants, a senior official said.

Hamas spokesperson Fawzi Barhum told the AFP news agency that they would reject a ceasefire without an established agreement.

The Israeli strikes have killed at least 175 people in Gaza since Tuesday, according to Palestinian officials.  Israel, on the other hand, says almost 1,000 rockets were launched from Gaza. A warning from Israel caused thousands of northern Gaza residents to flee from their homes, fearing an invasion.

In a speech broadcast via Al-Jazeera, Gaza-based Hamas leader Ismail Haniyeh said their group wanted to end the fighting and the siege that Israel imposed when Hamas took over in 2007. The Israeli camp also wants the rocket attacks to stop.

The ceasefire proposal was hailed by Middle East peace envoy Tony Blair, saying it can stop the "tragic" killings and rocket attacks and make way for Gaza's chance for a "genuine change."

The recent outbreak of cross-border hostilities was triggered by the killing of three Israeli teens last month and the suspected killing of a Palestinian teen in Jerusalem as revenge. Three arrested Jews from Israel confessed that they murdered the Palestinian named Mohammed Abu Khdair, Israeli officials announced on Monday.

Based on estimates by the United Nations (UN), 77 percent of those who died in Gaza were civilians. Israel, however, said these figures are based on sources of Hamas and added that they aborted some of their attacks to avoid killing civilians.