The regional source suggested that while the deal was closer than ever, it was not fully formed yet. US and Israeli officials cautioned no green light had been given to mediators yet.
In recent days Hezbollah has been considering a US-Israeli proposal for a 60-day pause in fighting that some hope could form the basis of a lasting ceasefire.
Israel launched a major offensive in Lebanon in mid-September following months of tit-for-tat border attacks which started when Hezbollah attacked Israel in solidarity with Hamas and Palestinians in Gaza. Since then, Israel has launched a ground invasion, killed a string of Hezbollah leaders – including one of its founders, Hassan Nasrallah – and injured thousands of people in an attack featuring exploding pagers.
Mounting death toll
On Saturday, Israeli attacks killed at least 84 people and injured 213, according to the Lebanese health ministry, including nearly 30 killed in a strike on a multi-story building in a densely populated neighborhood of central Beirut.
A total of 3,072 people have been killed and 13,426 injured since Israel stepped up its campaign against Hezbollah on September 16, according to Lebanese health ministry figures.
Lauren Izso, Kayla Tausche, Ruba Alhenawi, Mohammed Tawfeeq, Eyad Kourdi, Tamara Qiblawi contributed reporting