A new deal for the Strait of Hormuz to be opened up could be announced as soon as Wednesday, according to Axios.

The deal would be between Iran, the United States and Oman, as tensions rose and then seemed to have de-escalated slightly in recent days.

The report noted that it would be a toll-free plan in the strait for 60-days between Oman and the Islamic Republic, as the waterway is critical for cargo ships.

The potential deal comes as President Donald Trump scrapped the possibility of a major attack over the weekend against Iran.

“They called me and they said, 'Please don't attack, we'll make a deal.' That's the real truth and everyone knows it, and who wouldn’t call?” Trump said in the Oval Office earlier this week.

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The U.S. and the Islamic Republic originally had a Memorandum of Understanding signed earlier this summer, which was meant to pave the way for more serious negotiations.

However, the Israeli government said it will continue to curtail Iran independent of any agreement between other nations.”

“President Trump is our greatest friend, the greatest friend we’ve ever had in the White House. The United States is our greatest ally, and we deeply appreciate our joint efforts against Iran’s nuclear ambitions,” Prime Minister Benjamin Netanyahu said Wednesday, according to i24NEWS.

“But let me be clear: Israel’s existence is not negotiable. With or without an agreement, I am determined, and we are all determined to do whatever is necessary to ensure our security and our future,” he added. 

Townhall reached out to the White House for comment.