Israel has agreed to stand down for the meantime and cease offensive operations in Gaza, starting at 7 a.m. Saturday, Jerusalem time (0400 GMT).

A U.S. official said Israeli Prime Minister Banjamin Netanyahu has informed State Secretary John Kerry about the unilateral ceasefire, after rejecting terms for a longer pause in the fighting that has killed close to 850 people since it started more than two weeks ago.

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UPDATE: Palestinian parliament member Mustafa Barghouti has said Hamas will comply with the 12-hour ceasefire proposal that starts Saturday at 7 a.m.

The Israeli ceasefire was closer to a proposal by UN secretary-general Ban Ki Moon who supported a pause in the fighting for Eidl Fitr, saying it could start with an extendable 12-hour pause. 

Earlier, in a press conference in Cairo, Kerry spoke about a goodwill gesture from Israel, as he pushed for an 18-day halt in hostilities between Israel and Hamas in the Gaza Strip. He also indicated there were disagreements in the terminology in his proposal that need to be ironed out.

On Friday, the Israeli cabinet rejected the plan for a longer ceasefire, and sought changes to some of the provisions.

Senior Israeli officials told Reuters that Israel wants to hear Hamas's response to the Kerry initiative, and security officials want an assurance that Hamas rockets will be removed from Gaza under an extended ceasefire.

Hamas has not responded to the proposal, although Palestinian media has quoted some Hamas leaders as saying that the group's leaders are "leaning" towards Kerry's proposal. On Wednesday, Hamas leader Khaled Meshaal said he supported a humanitarian truce, but on condition that Israel would ease restrictions on the movement of Gaza's 1.8 million people.

Hamas wanted Egypt to open up its borders as well, something which Egyptian officials may not readily concede to as they also consider Hamas a security threat.

A senior U.S. official said Kerry may have to stay longer in the Middle East to secure an agreement from both sides and open up the avenue for dialogue toward a longer ceasefire. Kerry himself sounded positive that some "serious progress" has been made, and a fundamental framework for peace can eventually be worked out. 

TagsJerusalem, John Kerry, Benjamin Netanyahu