The United States and Saudi Arabia are "days away" from concluding the documents that would forge a historic bilateral agreement that has long been a top priority for President Joe Biden as it would begin a parallel track to normalize relations between the Kingdom and Israel, a source very familiar with the matter told CBS News on Sunday.

A U.S. official confirmed that a lot of progress was made Saturday in a meeting between National Security Advisor Jake Sullivan and Crown Prince Mohammad bin Salman in Dhahran, Saudi Arabia, a city in the kingdom's far east that's home to its state-run oil giant, the Saudi Arabian Oil Co. known as Saudi Aramco.

In a statement released overnight Saturday, the Saudi Ministry of Foreign Affairs described the draft agreement as "nearly final." 

The first component of the deal includes a series of agreements between the U.S. and Saudi Arabia, including defense guarantees and civil nuclear cooperation. The Biden administration would solidify its ties to Saudi Arabia at a time when adversary China is attempting to expand its influence in the Middle East.