Persian Gulf Arab states and Israel have agreed to advance a "historic" alliance no matter what happens to the Israeli-Palestinian conflict, Tel Aviv-based Channel 12 television network reports.

The agreement was reached between Israeli foreign minister Israel Katz and his Arab counterparts who met on the sidelines of the UN General Assembly two weeks ago, the report said.

As a follow-up to the meeting, teams would be formed to discuss the plan, which would forge relations between the sides "irrespective of what occurs with the Israeli-Palestinian conflict," the Jerusalem Post reported.

The newspaper said Katz’s spokesperson confirmed to the Jerusalem Post that the report was accurate. Katz also presented the plan to US special envoy for the Middle East Jason Greenblatt.

The initiative calls for developing “friendly relations and cooperation,” preventing hostility or incitement to hostility against each other, and eschewing any military or security alliance with other parties against each other.

Israel has full diplomatic ties with only two Arab states - Egypt and Jordan - but reports suggest Tel Aviv is working behind the scenes to establish formal contacts with such countries as Saudi Arabia and Bahrain.