Well, we now know the Obama peace plan:

As part of the new strategy, Arab diplomats said this week that the US has asked the 22-member Arab League to amend a 2002 peace initiative to make it more palatable to Israel.

“What we are discussing today is a combined approach of bringing together Arabs, Europeans and the United States as a team to create the circumstances over the next several months that allow Israelis and Palestinians to sit at the table, but also with Lebanese, Syrians and Arab nations,” Jordan’s King Abdullah told a news conference in Berlin.

Start with the Saudi plan and drop the requirement that the “refugees” go to Israel. They get to go to the Palestinian state or get citizenship in Arab countries.
Israel goes back to 67 borders, as per the Saudi plan.
Jerusalem gets put under UN control.

The Arabs have already rejected this.

Arab League Secretary General Amr Moussa rejected that suggestion.

“There is no amendment to this initiative. We have received nothing from the other side. … no initiative no response and no proper talking about peace, so why should we change or amend and for what reason,” he told The Associated Press in an interview

But I’m sure the Obama administration will keep trying to force the Israelis to accept it.