Palestinian groups Hamas and Fatah have reached a deal over political reconciliation.
Palestinian media outlets have said that the two factions would hold a news conference later Thursday in Cairo to announce the details of the agreement.
PA President and Fatah Chairman Mahmoud Abbas told Egyptian television last week that he would not accept a scenario in which Hamas's armed wing, Izzadin Kassam, kept control of its weapons.
Abbas has insisted that he will only reassume control of Gaza if Hamas hands over power.
"Ismail Haniyeh [Hamas chief] has just announced that an agreement was reached dawn on Thursday between Fatah and Hamas movements under Egyptian auspices", Taher al-Nunu, Haniyeh's media advisor said in a press statement released early Thursday morning.
Egypt has helped the two movements to form a power-sharing unity government in Gaza and the West Bank. Hamas's reversal was the most significant step toward Palestinian unity since the government was formed in 2014.
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The latest reconciliation efforts come as US President Donald Trump has sought to revive peace talks between Israel and the Palestinians and met separately with Abbas and Netanyahu on the sidelines of the United Nations General Assembly in NY last month.
Palestinian Prime Minister Rami Hamdallah then made a rare trip to Gaza. "We make every effort possible to implement it to start a new chapter in the history of our people", Hamas spokesman Hazem Qassem told Reuters.
According to BBC, Egypt has been brokering reconciliation talks in Cairo.
He said the Palestinian Authority would begin taking control of Gaza's administrative affairs and "security responsibilities".
Abbas has pledged there would be "one authority, one law, one administration, one weapon" in the Gaza Strip, a statement seeming to challenge Hamas' continued security dominance.
Egypt has been keen to improve security in the Sinai Peninsula, which borders Gaza and where Islamist rebels have fought a long-running insurgency.