Arab states are reportedly prepared to consider improved relations with Israel if the Jewish state makes various concessions to reach a peace deal with the Palestinians.

The Wall Street Journal reported Monday that as part of a process of normalizing ties with Israel, Gulf states expressed the willingness to set up telecommunication lines between the Jewish state and Arab nations.

According to the report, Gulf states would allow Israeli companies to do business with Arab countries and would permit Israeli planes to fly over Arab airspace, in exchange for an Israeli commitment to freeze settlement construction and ease trade restrictions on Hamas-ruled Gaza.

Additional incentives Arab states are weighing include the issuing of visas to Israeli trade delegations and sports teams for events in the Gulf region.

Saudi Arabia and the United Arab Emirates have reportedly already conveyed to the U.S. and Israel their willingness to embrace the proposed plan, and a senior Arab official involved with the proposal was quoted as saying, “We no longer see Israel as an enemy, but a potential opportunity,” reported the Times of Israel.