The move comes as Palestinian and world leaders continue to push for a halt to seven weeks of bloodshed in Gaza, and seek a more permanent end to violence between Israel and the Islamist movement, Hamas.
The Palestinian leadership is preparing "to go to the UN Security Council to enforce an end to the (Israeli) occupation," senior Palestine Liberation Organisation official Wasel Abu Yusef told AFP.
Labour minister Ahmad al-Majdalani also said the leadership was "working towards... Holding an international conference to set a timetable for an end to the occupation," he said yesterday.
Such a move would likely be vetoed by the United States which traditionally opposes any step perceived as anti-Israeli at the Security Council.
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But in the event of a likely US veto, the Palestinians would consider fast-tracking an application to become party to the International Criminal Court, Abu Yussef said.
"If the US uses a veto, then we still have the ICC card," he said.
Since obtaining the UN status of a non-member observer state in November 2012, the Palestinians have repeatedly threatened to join the ICC where they could pursue Israeli officials over actions in the occupied territories.
So far, the Rome Statute has been ratified by 121 countries, but not Israel, the United States, China or Russia.
Only individuals, not states, can be prosecuted before the ICC.