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The potential deal will include Iran's commitment that it won't pursue a nuclear weapon, and Tehran agreed to give up its stockpile of highly enriched uranium, according to two regional officials.
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President Trump said on Saturday that an agreement to end the war was "largely negotiated," but neither the United States nor Iran released many details of the proposal.
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A U.S.-Iran peace deal could calm the conflict in Lebanon between Israel and Hezbollah. But that will depend mainly on what the United States, Iran and Israel decide.
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Iran has not formally responded to President Trump's announcement that a peace deal was close. But officials suggested the oil choke point in the Strait of Hormuz could reopen.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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President Trump announced the unfinalized deal on social media after talks with Israel and other allies. It aims to end the war and includes two-month negotiations on Iran's nuclear program.
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Precise details were unclear but the officials said the U.S. demanded a commitment from Iran on uranium as part of any initial agreement.
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A fragile ceasefire has been in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz.
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Officials from the U.S. and Iran appear to be nearing a deal to end the ongoing conflict, according to public statements from officials from both nations Saturday
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