GAZA - A cease-fire between Israel and Palestinian militant groups might be reached Monday night or Tuesday, an Egyptian security source said.

The informed source said the deal would be in two phases: the first part requires Israel and the militant groups led by Islamic Hamas movement to halt all sorts of cross-border violence for one day or two before discussing each side's conditions.

Hamas and Israel will hold internal discussions before informing the Egyptian side with their conclusions, the source said, adding that they showed an initial agreement to calm the situation down.

However, Hamas officials in Gaza refused to comment on the issue at present.

Israel launched a military offensive in Gaza on Wednesday, killing 104 Palestinians so far. Responding to the attacks, Hamas and other Palestinian groups fired hundreds of missiles and rockets into Israel, reaching the outskirts of Jerusalem and Tel Aviv and killing three Israelis.