After more than a year of talks, both sides say they are close to a deal that could halt Israel’s bombardment of Gaza and return Israeli hostages home.

A draft deal for a ceasefire in Gaza and hostage release has been agreed to in principle and, if all goes well, will be finalized by Israel and Hamas this week, Arab, U.S. and Israeli officials told CBS News.

The negotiations, mediated by Qatar, Egypt and the United States, appear to be making progress after months of failed attempts to achieve a breakthrough.