Hezbollah is considering a US-Israeli ceasefire proposal, sources told CNN, as diplomatic efforts to end the conflict between Israel and the Lebanese militant group intensify.

Lebanon's prime minister said US envoy Amos Hochstein had signalled during a phone call Wednesday that a ceasefire in the Israel-Hezbollah war was possible before US elections are held on November 5.

Israeli forces launched airstrikes on Hezbollah-controlled areas in Beirut for a third consecutive day on Thursday, hitting locations in the capital's southern suburbs early in the morning after a night of heavy bombardments.