The meeting decision was taken with the initiative of Turkey, and the telephone diplomacy of Foreign Minister Mevlut Cavusoglu, said the sources on condition of anonymity due to restrictions on speaking to the media.
The meeting of the OIC Executive Committee will be held at the level of foreign ministers.
No date has yet been set for the meeting.
The Palestinian government will submit its official request for the meeting to the OIC after the Eidul Fitr.
Israel wants to annex parts of the West Bank on July 1, as agreed between Prime Minister Benjamin Netanyahu and rival-turned-partner Benny Gantz of the Blue and White party.
The plan has drawn international condemnation and outrage.
The West Bank, including East Jerusalem, is seen as occupied territory under international law, thus making all Jewish settlements there -- as well as the planned annexation -- illegal.
On Tuesday, Palestinian President Mahmoud Abbas said Palestine is terminating all agreements and understandings signed with Israel and the US, including on security.
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