The US, Iran, and a group of regional mediators have discussed the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, according to Axios.
While the report stated that chances for a partial deal over the next 48 hours are slim, this effort remains the only chance to prevent a dramatic escalation.
This would include massive strikes on Iranian civilian infrastructure and retaliation against energy and water facilities in the Gulf states.
Earlier, President Trump extended his deadline by 20 hours, posting a new deadline of Tuesday at 8pm EST.
Trump told Axios that the US is "in deep negotiations" and a deal can be reached.
"There is a good chance, but if they don't make a deal, I am blowing up everything over there," he said.
Two-phase proposal
Negotiations reportedly took place through Pakistani, Egyptian, and Turkish mediators, as well as direct messages between envoy Steve Witkoff and Iran's Foreign Minister Abbas Araghchi.
The proposed two-phased deal involves a 45-day ceasefire followed by a permanent end to the war.
Mediators believe reopening the Strait of Hormuz and resolving the issue of Iran's highly enriched uranium can only result from a final deal.
The Iranians made clear they do not want a "Gaza or Lebanon situation" where a ceasefire exists only on paper.
Meanwhile, the IRGC navy maintained a hard line, stating the situation in the Strait of Hormuz will "never return" to what it was before the war.
Mediators stressed to Iranian officials that there is no time for further tactics, as the next 48 hours represent the last opportunity to prevent massive destruction.
