The USA and Iran may soon sign a 60-day memorandum of understanding, according to US officials cited by Axios.
The memorandum could be further extended by mutual agreement, the report said.
Under the document, the Strait of Hormuz will be reopened to shipping for 60 days with no tolls, and Iran will agree to clear mines laid in the waterway.
The agreement also provides for a 60-day extension of the ceasefire. However, US forces deployed to the Middle East will remain in place until a final agreement is reached with the Islamic Republic.
Washington is expected to lift its naval blockade of Iranian ports and roll back some sanctions, allowing Iran to resume oil sales. A source told Axios that the US is ready to discuss the release of Iranian frozen assets within 60 days of a final deal.
The memorandum will also include Iran's commitment not to develop nuclear weapons.
"The draft memorandum of understanding includes Iran's commitment never to develop nuclear weapons and to negotiate the suspension of its uranium enrichment program and the withdrawal of its highly enriched uranium stockpiles",
a US official said.
The draft also includes a cessation of hostilities between Israel and the Lebanese group Hezbollah.
Tehran has already given Washington "verbal promises" through intermediaries about the scope of concessions it is willing to make on enrichment suspension and giving up nuclear material, according to the report
The New York Times, citing American officials, reports that one of the key elements of the proposed agreement is Tehran's explicit commitment to give up its stockpiles of highly enriched uranium.
The article notes that the proposal does not address how exactly Iran would give up its uranium stockpiles. Working out the details on this aspect has been postponed until the upcoming round of talks on the Iranian nuclear program.
Any conflict resolution deal will include the release of Iran's frozen overseas assets, the newspaper added.
"Iran will gain access to most of these assets, which the US and its allies will direct to a recovery fund, only after reaching a final agreement on the nuclear program, which <...> will encourage Iran to stay at the negotiating table and reach an agreement",
American officials said.
The day before, President Donald Trump announced that agreements with Iran had been almost finalized. According to him, the parties are currently discussing the final details.
