The Israeli government said it made the decision at a cabinet meeting at the military headquarters in Tel Aviv.
The approval comes a day after Netanyahu reportedly approved a U.S.-proposed ceasefire in principle, which was approved by a Cabinet vote.
Following the Israeli-Hamas Gaza war, which began in earnest in October last year, a ceasefire was reached more than a year after the war with Hezbollah in Lebanon.
Earlier, the Lebanese government and Hezbollah said they had largely agreed to a ceasefire, although there were some unresolved issues.
The cease-fire proposed by the United States to Israel and Hezbollah included the withdrawal of Israeli troops from southern Lebanon and the withdrawal of Hezbollah north of the Ritani River during a 60-day temporary cease-fire.
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