Arias said he wants Zelaya, who was ousted by a military coup and replaced by an interim government, returned to his leadership position by Friday under an 11-point plan, Voice of American reported.
The so-called San Jose Accord, also calls for the creation of a unity government and early elections, CNN reported.
This latest proposal, which Arias says is his final attempt to resolve the Honduran leadership crisis, is very similar to his original plan but provides more details and would create a truth commission to investigate the events that led to the ouster of Zelaya and his replacement by Roberto Micheletti.
Zelaya delegate Rixi Moncada said the talks had "failed because of the intransigence of the coup regime" and the opportunity for compromise had passed with Arias' original proposal.
Micheletti camp official Mauricio Villegas said the latest proposal would be presented to the three branches of government for their approval.
Notable deaths of 2014 [PHOTOS]