Reports: Israeli Cabinet approves ceasefire in Gaza conflict
Netanyahu meets GSS chief in Tel Aviv - Israeli Prime Minister Benjamin Netanyahu (C) holds a meeting with Nadav Argaman (R), head of the Israeli General Security Service (GSS) commonly known as Shin Bet, at the HaKirya complex. - Koby Gideon/GPO/dpa
Netanyahu meets GSS chief in Tel Aviv - Israeli Prime Minister Benjamin Netanyahu (C) holds a meeting with Nadav Argaman (R), head of the Israeli General Security Service (GSS) commonly known as Shin Bet, at the HaKirya complex. - Koby Gideon/GPO/dpa

Israel's Cabinet has approved a unilateral ceasefire in its ongoing clash with Gaza Strip militants, according to Israeli media reports.

The ceasefire is based on a proposal out of Egypt, which has promised that militants in the Gaza Strip will stop firing missiles should Israel enact a ceasefire.

The Israeli ceasefire would take effect at 2 am on Friday (2300 GMT on Thursday).

Israeli forces and Gaza Strip militants began firing missiles back and forth nearly two weeks ago after days of tension regarding restrictions in Jerusalem, access to holy sites and the expected eviction of Palestinian families from homes in the city.