Salah el-Makhzoum, a vice president of the Tripoli-based parliament, called this a "happy day" in announcing the accord will be signed on December 16.
An official of the internationally recognised parliament, Mohammed Choueib, said that "after lengthy efforts... we announce to our people that we have decided to move beyond this difficult period... and ask everyone to join us".
Choueib said the deal could be signed in Morocco, which hosted most of a year of talks brokered by UN envoy Leon Bernardino that led to the proposed deal in October.
But neither he nor Makhzoum said whether they would have to clear the signing with their respective legislative bodies, which had rejected the deal after their negotiating teams agreed to it in October.
And just Sunday, delegates from both sides announced they had reached a joint "declaration of principles" aimed at resolving a crisis after secret talks that did not include the UN.
Under the UN-brokered deal, Libya would be governed by a nine-member presidential council comprising a prime minister, five deputy premiers and three senior ministers.
Libya descended into chaos following the 2011 ouster and killing of long-time dictator Muammar Gaddafi.
The oil-rich country has had rival administrations since August 2014, when an Islamist-backed militia alliance overran Tripoli, forcing the recognised government to take refuge in the east.
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