The proposed deal provides a 60-day window during which continued negotiations on Iran's nuclear program will begin and a ceasefire will prevail.
Negotiators reached an agreement on the terms on Tuesday, according to Axios's sources. Trump has reviewed the proposal.
The president told the mediators he wanted a couple of days to think about it, a source said.
If the memorandum of understanding is ultimately approved by the leaders of both countries, it would represent a decisive diplomatic breakthrough. But at the same time, it would leave the situation uncertain for resolving the key issues related to Iran's nuclear program and its stockpile of highly enriched uranium.
The proposed 60-day agreement includes the possibility of resuming “unimpeded” shipping through the Strait of Hormuz - that is, without threats or interference.
The U.S. blockade of Iranian ports will be lifted, but only once commercial shipping through the Strait of Hormuz resumes, according to Axios.
Iran will also commit to not seeking to develop nuclear weapons, while the US will open up for sanctions relief and the release of frozen Iranian assets. In addition, a mechanism to facilitate the delivery of humanitarian aid and other goods to Iran will be discussed.
The ongoing ceasefire between the two countries was announced on April 8 after mediation by Pakistan.
