Palestinian President Mahmoud Abbas said the revised resolution would be submitted today and voted on tomorrow.
Israel's Prime Minister Benjamin Netanyahu said today that if the Security Council doesn't reject the resolution "we will."
The Palestinian Authority is "seeking to impose on us a diktat that would undermine Israel's security, put its future in peril," Netanyahu said in a statement. "Israel will oppose conditions that endanger our future."
Jordan's UN Ambassador Dina Kawar, the Arab representative on the Security Council, told reporters as she headed into Monday's closed-door meeting that Jordan would have liked more consultations among the 15 council members but respects "very much" that the Palestinian situation is difficult.
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The Security Council is almost certain to reject a resolution with a timetable to end Israel's occupation. Even if the resolution musters the minimum nine required "yes" votes, the United States, Israel's closest ally, will likely veto it. The US insists there must be a negotiated solution to the Israeli-Palestinian conflict.
Netanyahu said Israel expects "the international community at least the responsible members of that community to oppose vigorously this U.N. Diktat, this UN Security Council resolution because what we need always is direct negotiations and not imposed conditions."
The Palestinians circulated a draft on Oct. 1 asking the council to set a deadline of November 2016 for an Israeli withdrawal from all Palestinian territory occupied since 1967.
France had been working for a UN resolution aimed at restarting Israeli-Palestinian peace negotiations, setting a two-year deadline for success.
Palestinian official Saeb Erakat said Sunday that the amended resolution calls for ending the Israeli occupation within three years and establishing a Palestinian independent state within the 1967 borders with East Jerusalem as its capital. He said it also calls for solving the problem of Palestinian refugees in accordance with UN resolutions and the release of Palestinian prisoners in Israeli jails.