Israel, the U.S. and Saudi Arabia are negotiating an agreement to normalize relations between the Jewish state and the Persian Gulf country, Yediot Aharonot reported.

Such a deal would make Saudi Arabia the fifth Arab country to normalize relations with Israel under the auspices of the Abrahamic Accords of 2020.

The first four countries normalized relations with Israel in exchange for the suspension of its plans to annex West Bank settlements. Similarly, Netanyahu will suspend plans for annexation in exchange for a deal with Saudi Arabia, according to the publication.

Prime Minister-designate Benjamin Netanyahu's promise to promote annexation policies in the West Bank is part of his coalition agreement with the Religious Zionist Party, which has not yet been published and finalized.