The draft resolution, calls for an immediate cessation of hostilities, anticipates a withdrawal of Israeli forces as soon as possible and the expansion of the United Nations Interim Force in Lebanon.
Under pressure after several delays, the US and French ambassadors said they expected a unanimous vote for the resolution ordering a "full cessation of hostilities".
Israeli Prime Minister Ehud Olmert had also decided to accept the resolution, Israeli public radio said.
The decision came as Israel continued to pursue its military offensive in southern Lebanon.
Israeli warplanes struck a convoy carrying Lebanese security forces and civilians which had been escorted out of Marjayun in south Lebanon by UN forces who were no longer with them, killing at least five and wounding 16, police said.
Meanwhile at the UN, amid tense negotiations between France, the United States and the Lebanese and Israeli governments, the draft of the French-US resolution was changed even in the final hour before it was submitted.
The text calls on Lebanon and the UN Interim Force in Lebanon to "deploy their forces together throughout the south" while calling on Israel "as that deployment begins, to withdraw all of its forces from southern Lebanon in parallel."
The first version submitted by Paris and Washington a week ago had not mentioned a withdrawal and Lebanon had objected, demanding an immediate Israeli pullout after fighting ends.
The increased UN Interim Force in Lebanon would monitor the cessation of hostilities and any permanent ceasefire that was negotiated.
The UN force would support Lebanese armed forces as they deployed across the region now dominated by Hezbollah and which has come under intense attack in the Israeli offensive since July 12.
The UN force would also help humanitarian work in Lebanon following the devastating conflict which has seen more than 1,100 Lebanese and Israelis killed.
The resolution also calls for the "unconditional release" of two Israeli soldiers whose abduction by Hezbollah sparked the start of the war on July 12.
Lebanon had also raised late questions about the status of the international force and the future of a small parcel of territory, the Shebaa Farms, which Israel has occupied since 1967.
The text calls for UN Secretary General Kofi Annan to make proposals to settle the Shebaa Farms dispute within 30 days of the vote.