Local media have widely reported in recent weeks that Israeli Prime Minister Benjamin Netanyahu will give a policy speech and launch a new round of peace initiative in May, before a joint session of the U.S. Congress when he visits the long-time ally and major sponsor of the Mideast peace process.

Netanyahu's aids have started to prepare a draft for the speech. Mike Herzog and Ron Dermer, his two main political advisers, are taking part in these preparations. In addition, Yaakov Amidror has been appointed as the new national security adviser.

Netanyahu has not given any specific details about what kind of initiative he is considering. Local analysts see the possibility he declares his support for an interim peace agreement with the Palestinians.

Eitan Haber, a security commentator from Tel-Aviv, argued that Netanyahu appointed the ultra-hawk national advisor Amidror because they share the same ideas and ideology. He is not expecting much from the Israeli prime minister's new initiative, Haber told Xinhua.

The columnist pointed out that he personally prefers that Netanyahu deliver the speech in Israel and to the Israeli public rather than in Washington.

Analysts who examined the leaks to the Israeli media from the Netanyahu's aids have reached the conclusion that it is too early to tell how far Netanyahu is ready to go beyond his current policy of maintaining the status quo. It is not clear what he will offer Palestinian President Mahmoud Abbas in order to convince him to stop pushing for his September deadline, when Abbas will ask the international community to genuinely support the declaration of an independence Palestinian state in the UN, a step that will isolate Israel and change the rules of the game.

Currently, the Palestinians are very skeptical regarding the upcoming Netanyahu speech. Ziad Abu Ziad, a commentator and former minister in the Palestinian National Authority, said that Netanyahu will propose transferring some territories, in addition to granting control and temporary borders to a provisional Palestinian state, thus recognizing this Palestinian entity without real and clear borders.