Quds city, Feb 3, SPA -- Israeli and Palestinian officials said Thursday they hope to declare a formal cease-fire at a historic Mideast summit next week, and Prime Minister Ariel Sharon asked senior Cabinet ministers to approve the release of about 500 Palestinian prisoners and a gradual pullout from five West Bank cities. Momentum for a cease-fire announcement and other measures received a major boost Wednesday after Egypt unexpectedly offered to host a summit of regional leaders. Palestinians and Israelis both said they expected the summit to produce a truce ending more than four years of violence. A joint declaration of a cessation of violence is one of the first requirements in the internationally backed road map peace plan, which calls for the establishment of a Palestinian state by the end of this year. "I hope that a cease-fire will be declared, a halt to all violent acts," Israeli Vice Premier Shimon Peres told Israel Army Radio. Palestinian leader Mahmoud Abbas, returning to the West Bank after a five-country trip, said that he expects Israel to issue such a declaration. Palestinian negotiator Saeb Erekat said the Palestinians are ready to "declare a full cessation of violence against Israelis anywhere, and I expect the Israelis to reciprocate by saying we will stop violence against Palestinians anywhere." Tuesday's summit at Egypt's Red Sea resort of Sharm el-Sheik is to be hosted by Egyptian President Hosni Mubarak, and Jordan's King Abdullah will also attend. It marks the first Sharon-Abbas meeting since the Palestinian leader won a Jan. 9 presidential election. It will also be the first time Sharon and Mubarak meet. In Thursday's meeting, Sharon asked six senior ministers to approve a series of steps ahead of the summit. In addition to the prisoner release and a gradual West Bank troop withdrawal, Israel would also agree to stop hunting fugitives, provided they sign a pledge to halt attacks and hand over weapons. Defense Minister Shaul Mofaz told the ministers the military plans to withdraw gradually from five West Bank towns, starting with the quiet desert oasis of Jericho, followed by Bethlehem, Qalqiliya and Tulkarem. Ramallah, the Palestinians' center of government, would be last, participants said.