The draft resolution, obtained on Tuesday evening (Wednesday AEST) by The Associated Press, also demands that the ceasefire be respected by all parties.
It also calls for the immediate release of all hostages taken during Hamas’ attack in southern Israel on October 7.
Some diplomats said they hoped for a quick vote, even as early as Wednesday.
“It is our hope that it can be done as quickly as possible because life is in the balance,” Chinese Ambassador Fu Cong told reporters.
US Ambassador Linda Thomas-Greenfield said: “We’re waiting to see it and then we’ll react to it.”
The United States has vetoed multiple resolutions demanding a cease-fire in Gaza.
The draft demands compliance with previous Security Council resolutions that call for the opening of all border crossings and humanitarian access to Gaza’s 2.3 million people who desperately need food and other aid.
The proposed resolution says that “the catastrophic situation in the Gaza Strip constitutes a threat to regional and international peace and security.”
The resolution would demand that Israel “immediately halt its military offensive, and any other action in Rafah”.
The draft condemns what it calls “the indiscriminate targeting of civilians, including women and children, and civilian infrastructure” and reiterates the council’s demand for all parties to comply with international law requiring the protection of civilians.
It expresses grave concern at “famine spreading throughout the Gaza Strip” and the suffering of Palestinians who took refuge in Rafah.
Algeria’s UN ambassador, Amar Bendjama, who is also the Arab representative on the Security Council, told reporters after emergency closed council consultations on Tuesday that he would be sending the draft resolution to the 15-member council later in the evening.
Algeria called the emergency council meeting as Israel pushed ahead with its military operation in Rafah, where over a million Palestinians had sought refuge.
Civilians flee in Rafah as Israel pushes ahead with its offensive