UPDATE: AFP reports:

An anonymous Palestinian official also told AFP that the contacts working on the issue in Egypt's capital "agreed a permanent cease-fire, a [deal to] end the blockade and a guarantee that Gaza's demands and needs will be met."

Prior to the ceasefire's announcement, Azzam al-Ahmed, head of the Palestinian delegation had been "shuttling between the leadership of Hamas, Islamic Jihad, all the factions, and Egyptian leaders, travelling between Ramallah, Gaza, Doha overseas," for some 48 hours, according to the official.

Tel Aviv has reportedly agreed to bring its blockade of Gaza to a halt in order to allow relief supplies and construction materials through. Further discussions are expected to center around the potential establishment of a seaport and an airport in the Gaza strip, a senior Hamas official told AP.

UPDATE: The NYT has confirmed with both sides.

Hopefully the details will maintain a long-term peace:

(CNN) -- A truce has been reached to end the fighting between Israel and Hamas militants in Gaza, all sides said Tuesday.

Palestinian and Egyptian officials announced the deal. A senior Israeli government official said Israel "once again" accepted Egypt's proposed ceasefire.

Throughout the conflict, Israel has openly accepted Egypt's ceasefire proposals and slammed Hamas for not doing so.

Egypt, which has brokered negotiations, said on state-run media that the ceasefire will go into effect at midnight local time (5 p.m. ET).

But Hamas officials said it was to begin at 7 p.m. local time.

Palestinian President Mahmoud Abbas, who is not part of Hamas and lives in the West Bank, thanked "Egypt and everyone who supported all the efforts that resulted in this agreement to end the aggression."

"Together, we will rebuild our free country," he added.

As news of the possible deal broke, a flurry of violence was reported. Warning sirens blared in southern Israel, indicating rocket attacks from Gaza. Israeli emergency services reported that one person was critically wounded and two others were seriously wounded.

Separately, three Palestinians were killed in an Israeli airstrike in Rafah, south of Gaza City, according to Ashraf el-Qedra, spokesman for the Palestinian Ministry of Health.

After the Palestinian announcement of a deal, celebratory gunfire could be heard in Gaza.