Israeli and Turkish negotiation teams are set to meet Wednesday in Switzerland in an effort to finalize a rapprochement deal, local media reported on Tuesday.

According to Israel's Ha'aretz daily, the Israeli team will include Prime Minister Benjamin Netanyahu's representative Joseph Ciechanover and acting National Security Adviser Jacob Nagel.

The participants on the Turkish side will be headed by Under Secretary of State Feridun Sinirlioglu.

A spokesperson for the Israeli Prime Minister's Office was not immediately available to comment on the report.

Relations between the two former allies have soured over a deadly assault by Israeli commandos on a Gaza-bound Turkish aid ship in 2010.

Recently, Israeli and Turkish officials have reportedly held a series of talks in an attempt to normalize their relations, including discussions on possible exports of Israeli natural gas through a new planned pipeline.

Earlier on Tuesday, Netanyahu said that both sides will have to make compromised to achieve a deal. "We aspire to normalization with all our neighbors, but it's always a two-way street," he said in a statement.

His remark came after the Turkish President Recep Tayyip Erdogan met a delegation of senior officials with the Conference of Presidents of Major American Jewish Organizations, a main Jewish lobby organization, in Ankara. The group was led by Malcolm Hoenlein, who is considered to be Netanyahu's close associate.

The road for reconciliation was paved in 2013, when, at the behest of U.S. President Barack Obama, Netanyahu called and apologized to Erdogan over the killings of 10 Turkish citizens.

Since then there have been various reports of secret channels between Israeli and Turkish officials.

Two years ago, some reports suggested a breakthrough was reached amid a 20 million U.S. dollars compensation deal. Since then, there have been various reports of the contacts being stalled by the Israeli and Turkish leaders.

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