In a television address, Netanyahu said he would put the ceasefire accord to his full cabinet later on Tuesday evening.
Israeli TV reported that the more restricted security cabinet had earlier approved the deal.
The accord, clearing the way for an end to a conflict that has killed thousands of people since it was ignited by the Gaza war last year, was expected to take effect on Wednesday.
"We will enforce the agreement and respond forcefully to any violation. Together, we will continue until victory," Netanyahu said.
Israeli Prime Minister Benjamin Netanyahu has urged a security cabinet to approve a ceasefire deal. (AP PHOTO)
"In full co-ordination with the United States, we retain complete military freedom of action. Should Hezbollah violate the agreement or attempt to rearm, we will strike decisively."
He said Hezbollah, which is backed by Iran and allied to Hamas, was considerably weaker than it had been at the start of the conflict.
"We have set it back decades, eliminated ... its top leaders, destroyed most of its rockets and missiles, neutralised thousands of fighters and obliterated years of terror infrastructure near our border," he said.
"We targeted strategic objectives across Lebanon, shaking Beirut to its core."
Israeli approval of the deal would pave the way for a ceasefire declaration by US President Joe Biden and French President Emmanuel Macron, according to four senior Lebanese sources who spoke to Reuters on Monday.
Despite the diplomatic breakthrough, hostilities raged as Israel dramatically ramped up its campaign of air strikes in Beirut and other parts of Lebanon, with health authorities reporting at least 18 killed.
Hezbollah fire has forced about 50,000 people to flee their homes in northern Israel. (AP PHOTO)
Strikes in Lebanon began approximately 30 minutes after the Israeli military issued evacuation orders for 20 locations in the area, the largest such warning yet.
As the strikes were under way, Israel's military spokesman Avichay Adraee said the air force was conducting a "widespread attack" on Hezbollah targets across the city.
A Hezbollah parliament member in Lebanon, Hassan Fadlallah, said the country faced "dangerous, sensitive hours" during the wait for a possible ceasefire announcement.
However, there was no indication that a truce in Lebanon would hasten a ceasefire and hostage-release deal in the devastated Gaza Strip, where Israel is battling Palestinian militant group Hamas.
The Lebanon ceasefire agreement requires Israeli troops to withdraw from south Lebanon and Lebanon's army to deploy in the region, officials say.
Hezbollah would end its armed presence along the border south of the Litani River.
Lebanese Foreign Minister Abdallah Bou Habib said the Lebanese army would be ready to have at least 5000 troops deployed in southern Lebanon as Israeli troops withdraw, and that the United States could play a role in rebuilding infrastructure destroyed by Israeli strikes.
Israel demands effective United Nations enforcement of an eventual ceasefire with Lebanon and will show "zero tolerance" toward any infraction, Defence Minister Israel Katz said on Tuesday.
Hezbollah began firing into northern Israel, saying it was showing support for the Palestinians, a day after Hamas carried out its October 7, 2023 attack on southern Israel, triggering the war in the Gaza Strip.
Israel returned fire on Hezbollah, and the two sides have been exchanging barrages ever since.
In early September, Israel escalated its campaign of bombardment and sent troops into Lebanon, vowing to put an end to Hezbollah fire.
More than 3760 people have been killed by Israeli fire in Lebanon the past 13 months, many of them civilians, according to Lebanese health officials.
The bombardment has driven 1.2 million people from their homes.
Israel says it has killed more than 2000 Hezbollah members.
Hezbollah fire has forced about 50,000 Israelis to flee homes in the country's north and its rockets have reached as far south in Israel as Tel Aviv.
At least 75 people have been killed, more than half of them civilians.
More than 50 Israeli soldiers died fighting in the ground offensive in Lebanon.
with DPA and AP
