Jordan has indicated it will not seek a quick vote, allowing further talks and a possible bid to secure US support.
The Palestinian-drafted resolution was formally submitted to the 15-member council, which means it could be put to a vote as soon as 24 hours later, but it does not guarantee it will happen. Some drafts formally submitted have never been voted.
Nine votes are needed to adopt a resolution, which would then force the United States, a close ally of Israel, to decide whether to veto it.
The US has vetoed previous resolutions it considers hostile to Israel.
The text of the draft says a negotiated solution should be based on several parameters including the borders that existed before the 1967 Six Day War, security agreements, and "Jerusalem as the shared capital of the two states".
Note
A previous draft of a Palestinian proposal that was circulated informally to the security council in October called for an end to Israeli occupation of Palestinian land by November 2016. However, the US and others found the text unacceptable.
France, Britain and Germany are also drafting a resolution, which French Foreign Minister Laurent Fabius said would propose concluding peace talks in two years
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