The text, which has already been circulated to the 15 members of the Security Council, is widely expected to be vetoed by the United States, a close ally of the Zionist regime.
The draft reportedly sets 2016 as the date for a full Israeli withdrawal from the Palestinian territories.
The Palestinians say if Washington does wield its veto, they will seek membership in the International Criminal Court, where they would be able to file charges against the Israeli officials over war crimes committed in the occupied territories.
The Palestinians are pushing forward with the resolution despite the US’s intense pressure on them to halt the action.
On November 29, 2012, the 193-member UN General Assembly voted to upgrade Palestine’s status to non-member observer state.
The observer state status grants Palestinians access to UN agencies and the International Criminal Court (ICC), where they can file formal complaints against the Israeli regime, Press TV reported.
Palestinians are seeking to create an independent state on the territories of the West Bank, East al-Quds (Jerusalem), and the besieged Gaza Strip and are demanding that Israel withdraw from the occupied Palestinian territories.
Tel Aviv, however, has refused to return to the 1967 borders and is unwilling to discuss the issue of al-Quds.