Israeli and Palestinian officials have confirmed they are to resume high-level peace talks.
The negotiators are to draft a treaty outline, with each side listing its position on points of dispute.
Once the work is completed, US envoy Dennis Ross would come to the region to try to narrow the gaps but major differences remain on the fate of Palestinian refugees and control over a key Jerusalem holy shrine.
Israeli Foreign Minister Shlomo Ben-Ami has unexpectedly cut short a trip to France and rushed home to resume peace talks.
The Israeli officials hope a framework peace agreement might be reached with the Palestinians before the unofficial deadline of January 20 when Bill Clinton's term of office comes to an end.
One offical said the next few days would show whether it would be possible to reach a "positive conclusion" to the negotiations.
An exact time for the talks was not set but the official said it would be imminent. A senior Palestinian official said both sides were interested in returning to the negotiating table.
Israel has eased its tight closure of Palestinian areas and officers from both sides toured trouble spots as part of a US-backed plan to quell violence, reduce friction and pave the way for new talks.
In the West Bank and Gaza Strip, Israel eased the sweeping restrictions on Palestinian travel it had imposed after the outbreak of fighting on September 28.
In a first step, Israel lifted its blockade of the West Bank towns of Qalqiliya and Jenin, opened Gaza International Airport and permitted travel from the West Bank to Jordan and from Gaza to Egypt.