The sides are set to discuss the situation in the Palestinian territories following last week's violent takeover of Gaza by radical Islamist group Hamas, and the establishment of an emergency government by Palestinian President Mahmoud Abbas in the West Bank city of Ramallah.
"President [Hosni] Mubarak called for holding a four-sided summit in Egypt in the middle of the next week with the involvement of Jordan's King Abdullah II, leader of the Palestinian National Authority Mahmoud Abbas, and Israel's Prime Minister Ehud Olmert," Foreign Minister Ahmed Aboul Gheit said.
The minister said the main aim of the mooted summit is to give an impetus to relations between the Israelis and Palestinians creating an atmosphere to promote the resumption of the peace process.
"We hope that the summit will contribute to the resumption of the peace process and to negotiations between Israelis and Palestinians," the minister said, adding that agreements reached at the summit will be obligatory for all Palestinians regardless of their political movement.
Earlier Thursday, Israeli radio station Galei Tzahal said Olmert and Abbas would meet Sunday at the Egyptian resort of Sharm el-Sheikh.
Last week's armed clashes between Hamas and pro-presidential Fatah left at least 100 people dead. President Abbas, who now controls only the West Bank, dismissed the Hamas-led government, and his new emergency cabinet led by Prime Minister Salam Fayyad has received the backing of most Western nations, and the more moderate Arab states.