Hamas, which controls the Gaza Strip, said details of the deal would be released later on Thursday. Fatah has not commented.
Egypt has been brokering reconciliation talks in Cairo.
Palestinians in Gaza and the West Bank have been ruled separately since deadly clashes between the two groups broke out in 2007.
Hamas won parliamentary elections in the occupied territories the previous year, and reinforced its power in Gaza after ousting Fatah from the enclave.
Palestinian President Mahmoud Abbas said on Thursday that the talks had led to a "final agreement" to end the rival split.
"I welcome the agreement," he told the AFP news agency, adding: "I received a detailed report from the Fatah delegation about what was agreed and I considered it the final agreement to end the division."
The pro-Hamas Palestinian Information Centre announced the agreement, saying details would be revealed at a news conference in Cairo on Thursday.
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On Wednesday, Hamas spokesman Sami Abu Zuhri said the talks in Cairo had been "serious and deep".
"The talks are positive and the Egyptian side is even-handed," he said, according to the Palestinian Information Centre.
Last month, Hamas agreed to dissolve the committee that rules Gaza.
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