According to media reports, the decision came after heavy US pressure to halt the offensive.
Israeli Security Cabinet has approved cease-fire to end 11-day military offensive in the Gaza Strip, according to Israeli media.
Itamar Eichner, diplomatic correspondent for the top-selling newspaper Yedioth Ahronoth, said on Twitter without providing further details.
The decision came after heavy US pressure to halt the offensive.
It was not immediately clear when the truce was to take effect. The public broadcaster Kan said the fighting was to halt immediately, while other TV channels said it would go into effect at 2 a.m.
There was no immediate reaction from Hamas.
Earlier on Thursday, Israel unleashed a new wave of airstrikes across the Gaza Strip on Thursday and Hamas fired more rockets into Israel, despite growing signs that the sides were close to a cease-fire that would end 11 days of heavy fighting.
(This is a developing story)