Turkey and Israel will soon announce the normalization of their diplomatic relationship, Channel 12 News reported.
The report added that an announcement may be made later on Wednesday.
The normalization will include the reopening of the embassies in Tel Aviv and Ankara.
Last month, Turkey and Israel agreed to work towards improving their strained relations after a rare phone call between their presidents. In that phone call, Turkish President Recep Tayyip Erdogan called Israel's new president, Isaac Herzog, to congratulate him on taking office.
While Israel and Turkey have diplomatic relations, those relations have been strained in recent years as Erdogan, who is a strong advocate of Palestinian Arab rights, has frequently criticized Israel.
The two countries signed a comprehensive reconciliation deal in 2016, ending a six-year diplomatic standoff following a violent encounter between Israeli soldiers and Islamist radicals on a ship attempting to break through the security blockade on Gaza.