March 07, (CNN) - A ceasefire deal in Gaza that would see Israeli hostages freed and the first break in the fighting in more than three months is unlikely to happen by the start of Ramadan which the Biden administration had been aiming for, according to sources familiar with the negotiations.

Negotiators had hoped to have a draft agreement this week after days of meetings in Cairo, “but it won’t happen,” said one diplomat familiar with the discussions who described the last few days of talks as “very hectic.”

Two American officials agreed that the prospects are not promising of Israel and Hamas agreeing to the temporary truce by the start of the Muslim holy month early next week.

“Hope is fading,” one US official said.

A failure to achieve a deal in the next few days would come after weeks of US President Joe Biden and administration officials saying an agreement needs to be in place by Ramadan to avoid escalation of the five-month war. He warned Tuesday that without a ceasefire by then the region could become “very, very dangerous.”

Israel has also warned that if the Israeli hostages being held in Gaza aren’t home by Ramadan they will launch a military offensive into Rafah in southern Gaza where around 1.5 million Palestinians are trying to seek safety from the fighting.

Representatives from Hamas, Egypt, Qatar and the United States had gathered this week in the Egyptian capital for more talks while Israel refused to send a delegation because Hamas has not yet provided a list of hostages who are alive and dead, a recent demand by Israel.

The Biden administration insists Israel has already accepted the broad terms of a six-week pause while Hamas is holding out.

A Hamas delegation left Cairo on Thursday after days of talks with no obvious breakthrough in negotiations aimed at reaching a ceasefire in exchange for hostage releases. Egypt state-run Al Qahera news, citing a senior source, said that the delegation has left to consult on the proposals, and that negotiations will resume next week.