After that, the fighting in the Gaza Strip is expected to continue, the paper said.
The Israeli news website Ynet also reported that Israel intends to pass on the names of the hostages to Hamas.
Part of the agreement is also said to be that kidnapped mothers and children will not be separated upon release.
According to the Times of Israel report, the hostages must be Israeli citizens or residents of the country.
Exactly who falls under this definition was not disclosed.
In the first phase, Israel plans to release 150 Palestinian prisoners as soon as 50 hostages have been released.
All those affected would be released in stages over a period of four days, with at least 10 hostages released each day.
In a second phase, up to 150 further Palestinian prisoners are to be released from Israeli prisons – if, in return, up to 50 hostages are brought back to Israel.
Again, at least 10 abductees would have to be released in each phase.
According to the report, there would then be an additional 24-hour ceasefire for every 10 hostages released.
NAN.