The drone attack was carried out on Saturday and was directed at a residential building in the Rimal neighborhood in western Gaza City. Five people were killed and several were injured, according to local healthcare sources.
It was initially unclear if Obeida, whose real name is Hudayfa Samir Abdallah al-Kahlout, was among the victims.
But on Sunday, Israel's Defense Minister Israel Katz says that they have been able to confirm his death, reports Israeli media.
Terror-listed Hamas has not yet commented. If the Israeli reports are correct, it is the highest-ranking Hamas member to be killed in a long time.
According to Sky News Arabia, Obeida's wife and children were also in the apartment during the attack.
In images from the scene, at least two floors of the house were completely destroyed in the attack. Local residents testify to desperate scenes as the victims were evacuated from the site, reports Israeli Haaretz.
Earlier on Sunday, Hamas confirmed that Mohammed Sinwar, the extremist movement's military leader, is dead. Israel stated that Sinwar was killed already in May.