According to a Western source, the agreement will include provisions for two-thirds of Iran's current enrichment capacity to be suspended and closely observed over the next decade.
Iranian media further reported that Iran is ready to slash the number of centrifuge uranium enrichment machines from 19,000 to 6,000 over the nuclear deal agreed to last for 10 years.
"Found solutions, ready to start drafting immediately," tweeted Iran's Foreign Minister, Javad Zarif.
European Union foreign policy chief Federica Mogherini and Iranian Foreign Minister, Zarif delivered a joint statement on 2 April.
Mogherini who has been coordinating the negotiations for the P5+1 powers –Britain, France, China, Russia, United States and Germany, said a "decisive step" had been achieved.
"Today we have taken a decisive step. We have reached a solution on key parameters of a joint comprehensive plan of action," said Mogherini from Lausanne, Switzerland, on 2 April.
US Secretary of State, John Kerry also confirmed the news saying: "P5+1 and Iran now have parameters to resolve major issues on nuclear program. Back to work soon on a final deal."
The breakthrough announcement has come after the talks were extended twice past a 31 March deadline.
The parameters will be finalized by 30 June, said Rohani.