Here is the full statement from the Israeli security cabinet confirming the ceasefire decision:

"The Security Cabinet convened tonight.

"The Political Security Cabinet unanimously accepted the recommendation of all security officials, the chief of staff, the head of the Shin Bet [internal security agency], the head of the Mossad [foreign intelligence] and the head of the National Security Council, to accept the Egyptian initiative for a bilateral unconditional ceasefire, which will take effect at a later date.

"The chief of staff, the military echelon and the head of the GSS reviewed before the ministers Israel's great achievements in the campaign, some of which were unprecedented.

"The political echelon emphasizes that the reality on the ground will determine the continuation of the campaign."

Image source, Reuters

The Israeli cabinet has confirmed the decision to approve a ceasefire but its statement says the time for it to come into effect has not yet been agreed.

The statement says the truce was proposed by Egypt and will be "mutual and unconditional".

Earlier a Hamas official said it was due to start at 02:00 local time (23:00 GMT).

US Secretary of State Antony Blinken says he has been speaking to Israeli Foreign Minister Gabi Ashkenazi and reiterated President Biden's message that the US expected to see a ceasefire.

He said there was a deep and shared concern around the world for the deaths of Palestinians and Israelis, in remarks reported by Reuters.

The US goal was to end the violence, he added.

A Hamas official has confirmed that there will be a "mutual and simultaneous" truce with Israel beginning at 02:00 local time (23:00 GMT) - in about three-and-a-half hours time - Reuters reports.

The ceasefire reportedly agreed by Israel's security cabinet will come into force at 02:00 local time (23:00 GMT), which is in about three-and-a-half hours' time, according to reports in Israeli and some Arabic media.

There is still no confirmation from the Israeli security cabinet.

Paul Adams
BBC diplomatic correspondent, Jerusalem

Image source, EPA

The UK government says it’s offering an initial £3.2m ($4.5m) in emergency relief for the civilians of Gaza.

The funds will be given to a UN aid agency to help provide food, water and emergency shelter to Palestinians affected by the past 11 days of violence.

The humanitarian situation in Gaza was “already concerning” before this conflict, the UK government said.

Now the percentage of Gazans living in poverty is expected to rise from 53% to 64%.

Aid agencies say around 50,000 people have been displaced by the fighting, with some of them sheltering in UN schools.

"The escalation of violence and loss of life in Israel and the Occupied Palestinian Territories has shocked all of us," the Minister for the Middle East and North Africa, James Cleverly, said.

"Both sides must work towards an immediate ceasefire, to prevent the further loss of life and a worsening humanitarian situation."

Several Israeli media are now reporting that the Israeli security cabinet has approved a Gaza ceasefire. There has been no official announcement yet.

Image source, Reuters

As we await the potential announcement of a ceasefire deal, the BBC's Rushdi Abualouf in Gaza has warned of intensified military activity, external on both sides.

"The last few hours before the official announcement of the ceasefire are usually the most dangerous, as Israel intensifies its air strikes and the Palestinian armed factions escalate their rocket fire, Each side wants to be able to say we fired the last bullet," our correspondent says.

Image source, EPA

A ceasefire between Israel and Palestinian militants is expected to go ahead within the next 24 hours, a senior Hamas official has told the Associated Press, external.

In an interview, Osama Hamdan suggested progress had been made in truce talks involving Egypt and Qatar.

But striking a foreboding tone, he said Hamas had "no shortage of missiles".

“I can assure that what we saw during the first days in terms of bombarding Tel Aviv and some areas in Jerusalem, can continue not only for days or weeks but for months,” Hamdan said.

He also confirmed that Mohammed Deif, the head of Hamas's military wing, was still alive.

On Wednesday Israel's military said it had tried and failed to assassinate Deif several times since the conflict began.

Deif has survived repeated attempts on his life, including in the last major Israel-Gaza conflict in 2014. He tends to stay in the background and his whereabouts remain unknown.

Image source, Destroyed homes in Gaza

As hopes for a ceasefire grow, let us walk you though some of the key events that led to this most recent conflict.

The fighting between Israel and Palestinian militants in Gaza erupted on 10 May after weeks of spiralling tensions.

One of the main triggers was escalating clashes between Palestinians and Israeli police at a holy hilltop compound in East Jerusalem. The site is revered by both Muslims and Jews.

Hamas, the Islamist group that rules Gaza, demanded Israel remove police from there and the nearby predominantly Arab district of Sheikh Jarrah, where Palestinian families face eviction by Jewish settlers.

When its ultimatum went unheeded, Hamas launched rockets. Israel responded with air strikes on Gaza.

Palestinian anger had already been stoked by weeks of rising tension in East Jerusalem, inflamed by a series of confrontations with police since the start of Ramadan in mid-April.

You can read more about the origins of the Israel-Gaza conflict here.

Boris Johnson says a surge in anti-Semitic violence in the UK linked to the Israel-Gaza conflict is "intolerable".

The prime minister made the comments after meeting the UK's Chief Rabbi Ephraim Mirvis at Downing Street today.

There was a six-fold increase in reports of anti-Semitic incidents in the UK in the 11 days from 8 May, Jewish charity the Community Security Trust says.

"Whatever the situation is in the Middle East, there is no excuse for the importing of prejudice to the streets of our country," Johnson said in a statement after the meeting.

On Sunday, police arrested four men in connection with a video which appeared to show anti-Semitic abuse being shouted from a car in north London.

Chief Rabbi Ephraim Mirvis says the spike in anti-Semitic hate crime is "unprecedented".

"The community is determined to stop it in its tracks and are encouraged and grateful for the government's help," he added.

Image source, Reuters

We're still awaiting news on the outcome of the Israeli government's security cabinet meeting, which convened at about 16:30 GMT.

At that meeting, cabinet members will vote on a proposed unilateral Gaza ceasefire that would go into effect within 24 hours, Israel's public broadcaster Kan reported, citing an unnamed official.

There has been no official confirmation of this report.

A unilateral ceasefire is a cessation of hostilities which is only binding on one of the sides.

In media briefings, members of Hamas, the Palestinian Islamist group that rules Gaza, said they expected a truce by Friday.

A security source from Egypt, which has been mediating talks, told Reuters news agency that the details of a ceasefire were still being negotiated.

Image source, EPA

The administration of US President Joe Biden is encouraged by reports of a ceasefire between Israel and Palestinian militants, the White House says.

"We have seen reports of a move toward a potential ceasefire. That's clearly encouraging," White House Press Secretary Jen Psaki said on Thursday.

Earlier, President Biden called Egypt's President Abdel Fattah al-Sisi to discuss a de-escalation of violence in the Palestinian territories.

Egypt is a leading mediator in ceasefire talks while the Biden administration - a key ally of Israel - has faced increasing domestic and international pressure to do more to end the conflict.

Sebastian Usher
BBC Arab Affairs Editor

Image source, Reuters

The momentum towards a ceasefire has been building - the UN and Egypt have been leading two channels of talks with Hamas leaders inside and outside Gaza.

Although Israeli Prime Minister Benjamin Netanyahu has insisted there's no stopwatch on the military operation, there's been increasing speculation that a major breakthrough may be coming in the next 24 hours.

Sources familiar with mediation efforts have said that the Israeli government has told Egypt that it may accept a ceasefire after the Israeli security cabinet meeting ends.

There's been no official Israeli confirmation of this though.

In the past few hours, bombardments by both Israel and Palestinian militants have again intensified - with concern that just one major incident could derail moves towards a ceasefire.

Image source, Reuters

Hopes for a ceasefire are building on the 11th day of violence between Israel and Palestinian militants in the Gaza Strip.

If you're just joining us, welcome. Here's an overview of the main developments so far today.

• The security cabinet of Israel's government is meeting to discuss a possible ceasefire agreement with Palestinian militants
• Reporting from Gaza, the BBC's Rushdi Abualouf said sources told him the Israeli government had informed Egypt it would accept a ceasefire after its cabinet meeting
• As diplomatic efforts were stepped up, the violence continued
• There were more than 100 Israeli air strikes in Gaza early on Thursday, along with bombardments by Israel's navy
• Israel's military said 299 rockets had been fired at Israel from Gaza since this morning. Israel's anti-missile defence system successfully intercepted 90% of them, it said
• Gaza's health ministry said the death toll there since the conflict began had risen to 232. In Israel, at least 12 people have been killed, according to its medical service
• UN Secretary General António Guterres said he was "deeply shocked" by the Israeli military's continued bombardment of Gaza, which was "hell on earth" for Palestinian children

Talk of a possible truce raises the question of how the last major Israel-Gaza conflict, in 2014, came to an end.

Then, both sides agreed to an Egyptian-sponsored open-ended ceasefire after 50 days of fighting that killed more than 2,100 Palestinians in Gaza along with 66 Israeli soldiers and seven civilians in Israel.

It followed numerous earlier short-lived truces that were designed to last for hours or days.

During the war Hamas said it would accept a ceasefire as long as it led to a lifting of the blockade of Gaza - something Israel insisted it would not consider without the demilitarisation of Gaza. Meanwhile, Israel said it would not negotiate while under fire and withdrew from ceasefire talks in Egypt when rocket fire resumed.

After the deal was agreed, officials from Palestinian factions said it included an easing of restrictions at crossings between Gaza and Israel to allow in humanitarian aid and reconstruction materials. Israel said the deal did not include Hamas demands for a seaport, an air terminal and the release of Palestinian prisoners.

The 2014 ceasefire deal was similar to the one which ended a conflict between Israel and Hamas two years earlier in 2012.

• Read more about the 2014 conflict here

The number of people killed in Gaza by Israeli strikes since the conflict began has risen to 232, the Hamas-run health ministry says.

The toll includes 65 children and 1,900 wounded, according to the updated tally.

In Israel, 12 people, including two children, have been killed, its medical service says.

A highly anticipated meeting of the Israeli government's security cabinet has begun. It's discussing a possible ceasefire with Palestinian militants in the Gaza Strip.

Various reports suggest both sides are willing to end hostilities, but the terms are unclear.

Meanwhile, the conflict continues.

Tom Bateman
BBC Middle East correspondent

Israeli human rights groups have accused police of racially profiling protesters in a neighbourhood at the centre of Jerusalem’s recent tensions.

One of the groups accused police of backing a Jewish “takeover of Sheikh Jarrah”, which it described as “a racist practice".

Israeli police say they are operating to prevent “disturbances and incidents”.

The Sheikh Jarrah neighbourhood in East Jerusalem is home to several Palestinian families facing eviction to make way for groups of Israeli settlers. The fate of these families was a core issue during tensions that led up to the current conflict.

Heavily armed Israeli border police recently put up checkpoints in the area.

Image source, Reuters

One rights group says police are blocking entry to Palestinian supporters of the families, while simultaneously granting access to “organised groups of dozens of Israeli Jewish extremists”, some of whom have assault rifles.

Adalah, a rights group for Palestinian citizens of Israel, has petitioned the Supreme Court for removal of the checkpoints.

In a statement, Israel Police said it had made arrests and dispersed “rioters” after activists were involved in violent clashes with officers.

“The area continues to be open to all residents and media who are following the developments,” it added.

"We've never known what a normal life is," Gaza resident Asmaa Abu Mezied told the BBC, as the sound of artillery shelling reverberated in the background.

She said she had grown accustomed to these sounds, which have replaced birdsong outside her home since the Israel-Gaza conflict began last week.

“We have to navigate throughout the day how we are going to deal with the drones that hover over our houses," she said.

"And then, when the night comes, we have to understand how we can control our fear from the war plane that is throwing missiles all over the place.”

Watch the video below to hear more about Asmaa's experiences of living in Gaza during the conflict.