The details of the deal - set out by Israel, the US, Qatar and Egypt - have not been released.
It was earlier reported to include a six-week truce, when more Israeli hostages would be exchanged for Palestinian prisoners. Israel and the US have both said they are reviewing Hamas's response, quoted BBC.
US Secretary of State, Antony Blinken, who is currently in the Middle East, said he would discuss Hamas's response with officials in Israel on Wednesday.
While Mr Blinken is discrete of how the US views the response, President Joe Biden described it as "a little over the top" - suggesting that the Israeli Authorities will not succumb to the demands put forwards by the Hamas group.
A senior Hamas official has told international news organizations that the group has presented a "positive vision" in response to the framework but has asked for some amendments relating to the rebuilding of Gaza, the return of its residents to their homes and the provisions for those who had been displaced.
It was said Hamas has also asked for changes relating to the treatment of those injured, including their return home and transfer to hospitals abroad.
The proposal was sent to Hamas around a week ago but a representative told the Reuters news agency it had taken them until Tuesday to respond because parts of it were "unclear and ambiguous."
Qatari Prime Minister Sheikh Mohammed Bin Abdulrahman al Thani has described Hamas's response as "positive" in general.
More than 27,500 people have been killed in Gaza since the unprecedented attack that happened on October 7, according to the health ministry in the Gaza Strip.The Health Ministry is governed by Hamas and blockaded by Israel and Egypt since 2007.During a week-long ceasefire in late November, 105 Israeli and foreign hostages were freed in exchange for 240 Palestinians held in Israeli jails.
The timing of a new deal could be complicated by claims briefed earlier this week by Israeli defence officials that the military is "making progress" in its hunt for Hamas' leader Yahya Sinwar in Gaza.
However, Prime Minister Benjamin Netanyahu is under intense domestic pressure to secure the release of the remaining hostages. With a growing regional crisis adding urgency, Mr. Blinken arrives in the Israeli city of Tel Aviv, aiming to make progress on the deal.
The US is intensifying efforts since the recent drone strike in Jordan that claimed the lives of three American soldiers.
Washington retaliated with air strikes against Iran-backed militias in Syria and Iraq and is warning more will come. A ceasefire deal in Gaza is seen by the US as the most realistic way to reduce tensions further afield.
"We have informed 31 families that their captured loved ones are no longer among the living and that we have pronounced them dead," said the Rear Admiral Daniel Hagari, a spokesman for the Israel Defense Forces (IDF).
"This is a moral obligation, national obligation and international obligation and this is our compass and this is how we will continue operating," said Mr Hagari.
Will the war and attacks stop?
Will the Israeli Authorities meet the demands of Hamas?
Hamas has laid out a series of demands, including exchanging hostages for Palestinian prisoners and rebuilding Gaza, in response to an Israel-backed ceasefire proposal. According to a draft of the Hamas document seen by the Reuters news agency, the proposal outlines a multi-phase plan.
First Phase (45-day pause in fighting): Exchange of Israeli women hostages, males under 19, the elderly, and sick for Palestinian women and children held in Israeli jails. Israeli forces to withdraw from populated areas of Gaza, with reconstruction of hospitals and refugee camps beginning.
Second Phase: Exchange of remaining male Israeli hostages for Palestinian prisoners. Complete withdrawal of Israeli forces from Gaza.
Third Phase: Mutual exchange of remains and bodies between both sides.