Israeli Prime Minister Yair Lapid confirmed Sunday that Tel Aviv had received a US proposal for maritime border demarcation with Lebanon, Anadolu Agency reported.
Lapid said on Twitter that his government was reviewing the final details of the proposed deal. He, however, said that it's early to celebrate reaching a deal.
The Israeli premier told his Cabinet that the deal would "strengthen Israel's security and Israel's economy," adding that Israel has been seeking to strike an agreement for more than 10 years.
On Saturday, Lebanon said it had received a letter from US mediator Amos Hochstein regarding a proposed solution to the maritime border dispute with Israel.
Lebanon and Israel are locked in a dispute over a maritime area of 860 square kilometers (332 square miles), according to maps sent by both countries to the UN in 2011.
The area is rich in natural gas and oil. Starting in 2020, five sessions of indirect negotiations have been held on the issue under UN sponsorship and US mediation, with the latest round held in May 2021.