As part of such an agreement, Russia wants to acquire the annexed Donbass and the Crimean peninsula.

"This would require Ukrainian President Volodymyr Zelensky to order the withdrawal of troops from parts of Luhansk and Donetsk regions still held by Kiev," writes Bloomberg.

In turn, the Russians will halt their offensive in the Kherson and Zaporizhia regions and stop at the current front line, sources told the agency.

Sources indicate that the agreement is still in the negotiation stage and may still change.

The goal of the agreement is to effectively freeze the war and prepare the ground for technical negotiations on a final peace settlement.

The White House declined to comment to Bloomberg. Russian dictator Vladimir Putin's press secretary, Dmitry Peskov, also did not respond to the agency's questions.