Jerusalem ? Israeli leaders are seriously considering a dormant Saudi plan offering a comprehensive peace between Israel and the Arab world in exchange for lands captured during the 1967 war, Defense Minister Ehud Barak said Sunday.

Barak said it may be time to pursue an overall peace deal for the region because individual negotiations with Syria and the Palestinians have made little progress.

Barak said he has discussed the Saudi plan with Prime Minister-designate Tzipi Livni, who is in the process of forming a new government, and that Israel is considering a response. Barak, who leads the Labor party, is expected to play a senior role in the next government.

Livni’s office refused to comment on her talks with Barak.