A senior Israeli official told the BBC that they would accept the Egyptian proposal without preconditions.
While the militant group Hamas said it was informed of Cairo on their acceptance of the truce.
Egypt says truce is expected to be followed by negotiations to reach a permanent ceasefire and restoration of stability.
Israel said it would send a delegation to Cairo within the next few days. The Palestinian representative was already in Egypt to be ready to negotiate.
Earlier, Prime Minister of Israel, Benjamin Netanyahu, had insisted the military operation in Gaza will continue until the 'quietness and security' back for Israelis.
The statement was delivered after Click 'future of humanity' Click for seven hours set Israel in Gaza.
One of the goals of the Israeli operation is Click destroy tunnels used to attack militants into Israel.
"However, the operation will not end until the serenity and security back to the citizens of Israel for an extended period," added Netanyahu.
Ceasefire while Israel during the seven hours managed to reduce the violence in Gaza despite Israel's own Click Palestinians say the break by attacking a house in Gaza City.
Meanwhile, two reported attacks into Israel on Jerusalem and Israel says rocket fire from militants in Gaza continues.
Health officials in Gaza said so far about 1,860 Palestinians were killed-most civil people with 9,400 injured since the start of the conflict four weeks ago.
On the Israeli side, 67 people died, but only three civilians-including a resident worker Tahiland- and the rest were soldiers. BBC
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