Senior officials said the official signing would take place several weeks later, according to Haaretz.
Another daily, Jerusalem Post, also claimed diplomats from the two countries would meet in Europe on Sunday.
Turkish-Israeli relations were suspended in 2010 after Israeli commandos stormed a Turkish humanitarian aid ship, Mavi Marmara, as it attempted to lift Israel’s blockade of the Gaza Strip.
Ten Turkish activists were killed.
While Israeli Prime Minister Benjamin Netanyahu in 2013 voiced his “regret” for what happened, the other two conditions have yet to be met.