Seyed Abbas Araghchi told state TV the deal also includes the lifting of a US blockade of Iran, but that talks on Iran’s nuclear programme would begin later.
US officials have confirmed some of the details of the agreement, saying economic benefits for Iran would depend on Tehran meeting its obligations.
The war began with US and Israeli strikes across Iran on 28 February, prompting Iran to attack Israel and US allied states in the Gulf as well as effectively closing the Strait of Hormuz, a key shipping route for the world’s oil and liquefied natural gas.
Despite having agreed a ceasefire in April, the US and Iran have exchanged intermittent fire including two rounds of tit for tat strikes this week.
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US President Donald Trump said on Thursday he had cancelled scheduled attacks against Iran because negotiators had just made a great settlement, a deal that was likely to be signed imminently.
On Friday Iranian media published some details from the alleged 14 point deal which Trump said had nothing to do with the terms that were agreed to and bears no relation to the truth.
A few hours later Pakistani Prime Minister Shehbaz Sharif, whose country helped mediate the deal, said the Memorandum of Understanding between the US and Iran had been agreed and awaited finalising.
Araghchi was quoted in state media saying there are supporters and opponents of the latest terms of the deal among Iran’s top security body, the Supreme National Security Council.
However he added that a collective decision had not been reached and for now they must wait, adding that if approved the agreement will be signed remotely.
Israel is not involved in the talks which are meant to lead to an extension of the ceasefire and the start of negotiations on key issues including Iran’s nuclear programme.
In a detailed briefing with journalists on Friday afternoon US officials said the deal would reopen the Strait of Hormuz in return for the US lifting its blockade on Iranian shipping.
Those steps would come into effect more or less immediately, followed by a 60 day period of negotiation focusing on Iran’s enriched uranium.
Officials said this would result in all that material being destroyed on site and then removed from the country, though the precise mechanism for doing so is still to be worked out.
On the economic side officials stressed there would be no money provided up front in an apparent rejection of earlier Iranian news reports suggesting some Iranian assets would be unfrozen before substantial negotiations had begun.
Instead US officials said there would be a staged reintegration of Iran into the global economy, with measures such as the lifting of sanctions and the potential unfreezing of assets happening incrementally.
The deal calls on Iran to stop funding proxy groups in the region, a reference to Hezbollah and other Iranian proxies across the Middle East.
The US officials emphasised that the MOU was not based on trust or promises but on performance, meaning Iran would only receive economic benefits when it could be verified it had implemented measures it had committed to.
Even though there is a sense of cautious optimism from all sides including the US, Iran, Pakistan, and Qatar which has also helped with mediation efforts there is still a small distance to go.
The difference now according to the US administration is both a greater level of optimism and a greater openness about the substance of the agreement.
For his part the Iranian foreign minister said that as soon as the final stages of their negotiations are completed this agreement will be signed and announced.
He said this could happen in the coming days and he is very hopeful.
Araghchi stressed that the first point mentioned in the MOU was the lifting of the US naval blockade of Iran.
As for the Strait of Hormuz Araghchi said its administration would no longer be the same as before, with Iran having insisted on a fee to be paid by vessels seeking to cross while the US insists passage should be free to all shipping.
The senior Iranian official also said the MOU envisaged an end to the conflict between Israel and Hezbollah in Lebanon, though previous reports from the US have suggested Lebanon may not be part of this deal with Iran reportedly insisting on it.
Israel’s prime minister has said his country will strike Hezbollah if it continues attacks against northern Israel.
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