At his weekly Cabinet meeting, Netanyahu said he would unveil his plans in an address to the country next week, Ynetnews.com reported.
"We aim to achieve peace with the Palestinian and the Arab world in cooperation with the United States," Netanyahu said, "I intend to achieve a stable peace in which the security of Israel's citizens will be ensured."
Netanyahu said he planned to consult with U.S. President Barack Obama's administration and other Israeli allies before making his plans public, Ynetnews.com reported.
During Sunday's Cabinet meeting, Interior Minister Eli Yishai said Jewish expansion in the West Bank would continue despite opposition from Obama.
"While the Obama administration has a different outlook, we must uphold our principles," said Yishai, chairman of the ultra-Orthodox group Shas.
Notable deaths of 2014 [PHOTOS]