US President Donald Trump on Wednesday said the United States has had "very good" talks with Iran over the past 24 hours on ending the war that has lasted more than two months.

A Pakistani source and another source briefed on the mediation told Reuters that the two sides were close to reaching a one-page memorandum that would formally end the conflict. 

The memorandum would pave the way for talks on reopening shipping through the Strait of Hormuz, lifting US sanctions on Iran and placing limits on Iran's nuclear program, the sources said.

Iranian President Masoud Pezeshkian said on Wednesday that Iran was ready to pursue diplomatic paths to end the war with the US and Israel while safeguarding the rights of the Iranian people.

Iran yet to respond to latest US 'one-page' proposal

It remained unclear how the memorandum differed from a 14-point plan proposed by Iran last week, and Iran has yet to respond to the latest US proposal.

An Iranian foreign ministry spokesperson cited by the ISNA news agency said Tehran would convey its response. Trump said he believed Iran wanted an agreement.

Iran wants to "make a deal badly," Trump said at a White House event, repeating his earlier claim.

"They want to make a deal," he told reporters. "We've had very good talks over the last 24 hours, and it's very possible that we'll make a deal."

Asked whether there was a deadline for Iran to respond to the latest US proposal, Trump said there was no deadline.

Iranian lawmaker Ebrahim Rezaei, spokesperson for parliament's foreign policy and national security committee, described the text as "more of an American wish-list than a reality."

Israel says ready to strike Iran at any time

Israeli Prime Minister Benjamin Netanyahu on Wednesday dismissed reports that Israel had been caught off guard by Washington's diplomatic engagement with Iran, saying he remained in near-daily contact with Trump to ensure full coordination.

"We are in continuous contact with our friends in the United States," Netanyahu said. "I speak with President Trump on an almost daily basis. My people and his people speak daily, including today." He added that another phone call with Trump was planned later in the evening.

Israel was "ready for all scenarios" regarding Iran, Netanyahu said, adding that Israel and the US shared the same objectives, "with the most important goal being the removal of enriched material from Iran."

Meanwhile, Israeli officials have publicly supported renewed attacks on Iran, saying Tehran's nuclear capabilities and ballistic missile stockpiles remain a concern.

Despite signals from Washington that prospects for talks with Iran were improving, Chief of the General Staff of the Israel Defense Forces Eyal Zamir said on Wednesday that the Israeli military remained on high alert and was prepared to launch a powerful and large-scale military operation against Iran at any time.

(With input from agencies)