Khalil al-Hayya, Hamas's deputy chief in Gaza, said the group was committed to a truce as long as Israel would also.
"A number of mediators intervened in the past hours, and an agreement was reached to return to a cease-fire in Gaza", Hayya said in a statement.
A Hamas-affiliated Twitter account announced the cease-fire in the Gaza Strip would hold as long as the "occupier," or Israel, did the same.
Israeli officials said Wednesday, though, a cease-fire agreement with Hamas had not been reached.
An Israeli military spokesperson told Xinhua Israel Defense Forces would not comment on the reports of a possible deal. Naftali Bennett, Israel's education minister, told Israel's Army Radio that no such agreement was reached.
Israel's Intelligence Minister Israel Katz said, "It all depends on Hamas. If it continues [to attack], I don't know what its fate will be."
Tuesday, Israel's military launched airstrikes into Gaza to retaliate for a large mortar attack against Israeli settlements. The strikes came shortly after Israeli Prime Minister Benjamin Netanyahu vowed to "respond with great force" to the attacks, which officials said included 28 mortar shells.
Haaretz reported more fire was directed at Israel early Wednesday but the fighting has mostly stopped. The outlet also reported Israel agreed to hold to a cease-fire negotiated by Egypt if the calm holds.