A peace board chaired by US President Donald Trump would oversee the implementation of the proposed plan, the report said, citing people familiar with the matter.
European leaders called on the United States on Tuesday to hold firm in demanding an immediate ceasefire in Ukraine, with present battle lines to serve as the basis for any future talks.
The Russian government has long demanded that Ukraine agree to cede more territory before any ceasefire.
Under the proposal, Ukraine would receive security guarantees, funds to repair war damage and a pathway to rapidly join the European Union, the Bloomberg report said, adding that once Russia follows Ukraine in agreeing to a ceasefire and both sides commit to halting territorial advances, the proposals envisage the return of all deported children to Ukraine and the exchanges of prisoners.
Both sides would enter into negotiations on the governance of occupied territories, although neither European countries nor Ukraine will legally recognise any occupied land as Russian, the report added, citing sources.
Reuters could not immediately verify the Bloomberg report.
It comes as a planned summit between US President Donald Trump and Russian President Vladimir Putin was put on hold on Tuesday.
A senior White House official told Reuters that "there are no plans for President Trump to meet with President Putin in the immediate future" after Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov had a "productive call" but opted against an in-person meeting.
Trump had announced last week that he and Putin would meet soon in Hungary to try to bring an end to the war in Ukraine.
Trump, who last week spoke by phone to Putin and met Ukrainian President Volodymyr Zelenskiy, had hoped for another high-profile session with the Russian leader after their August summit in Alaska failed to advance negotiations.
But summit preparations hit a snag and the two sides postponed a preparatory meeting between Rubio and Lavrov that had been expected to take place in Budapest on Thursday.
Lavrov and Rubio spoke by phone on Monday.
Lavrov said that the place and the timing of the next Trump-Putin summit was less important than the substance of implementing the understandings reached in Alaska.
The Kremlin said there was no clear date and that "serious preparation" for a summit was needed and that may take time.
"Listen, we have an understanding of the presidents but we cannot postpone what has not been finalised," Kremlin spokesman Dmitry Peskov said.
"Neither President Trump nor President Putin gave exact dates."
Asked if the Kremlin had an understanding of a possible date for the summit, Peskov said: "No, there is no understanding."
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