UPDATE II: Israeli Ambassador says there is no ceasefire (source: Fox News 3:40 p.m. ET).
UPDATE I: According to Blaze Israel correspondent Sharona Shwartz, the Israeli press has, as of 2:30 pm ET, quoted Egyptian press saying there will be no ceasefire press conference likely happening tonight (November 20).
According to a report in Reuters early Tuesday afternoon, Hamas claimed it reached an Egyptian-brokered ceasefire agreement with Israel and that the truce would be declared in a matter of hours (at 2:00 pm ET) and go into effect at 5:oo pm ET. Israel, however is denying it has agreed to a ceasefire and that talks are still underway.
Based on a statement made by a Hamas official, Reuters reported earlier:
Israel and Gaza militants have agreed to the Egyptian-brokered ceasefire, Hamas official Ayman Taha says. The Gaza truce will be declared at 1900 GMT and go into effect at 2200 GMT, the official said.
Israeli government spokesman Mark Regev told CNN, however, that a ceasefire deal has not been finalized and the "ball is still in play."
"Until you're there, you're not there," he said.
Shortly before Regev's statement, a Hamas official said a deal had been reached during talks brokered by Egypt.
Israeli Prime Minister Benjamin Netanyahu said Israel would be a "willing partner" in a ceasefire, but of course, that ceasefire would have to have safeguards in place ensuring that Israeli citizens do not come under fire by Hamas one or two weeks following a potential truce.
Netanyahu said that "if a long-term solution can be put in place by diplomatic means, Israel will be a willing partner."
Secretary of State Hillary Clinton is currently en route to the region to meet with leaders on both sides.
This is a breaking story. Updates will be added. The Associated press contributed to this report.
Please also look for articles by veteran journalist Sharona Schwartz, who is reporting live from Jerusalem for TheBlaze.