Prime Minister Binyamin Netanyahu instructed Foreign Minister Avigdor Lieberman to draft an official plan on the disputed Shaba Farms and the divided village of Ghajar in northern Israel to be discussed by the cabinet in a fortnight.
Lieberman is currently heading a delegation of diplomats and businessmen to South America for a 10-day visit to a number of countries. Upon his return, the foreign minister will discuss the topic with advisers to former premier Ehud Olmert, Shalom Turgeman and Yoram Turbowicz.
The Shaba Farms, or Mount Dov, were captured from Syria in the Six Day War, and the issue of the territory's return became a problem after Israel's unilateral withdrawal from Lebanon in 2000 - which, according to the UN, ended the territorial dispute between Lebanon and Israel.
Since the withdrawal, Syria and Hizbullah have used the site as justification for attacks against Israel.
Alex Sorin contributed to this report.