"We agreed on a transitional period of three years," Lieutenant General Yasser al-Atta, a member of the military council that took power after the ouster of longtime leader Omar al-Bashir told reporters.

Atta said a final agreement on the sharing of power, including the forming of the next ruling body -- the sovereign council -- will be signed with the protest movement, the Alliance for Freedom and Change, within 24 hours.

"We vow to our people that the agreement will be completed fully within 24 hours in a way that it meets the people's aspirations," Atta said.

He said of the three year transitional period, the first six months will be allocated to signing peace accords with rebels in the country's war zones.

The army generals had initially insisted on a two year transition period, while the protest leaders wanted four years.

Atta also said that during the transitional period the parliament will be composed of 300 members, of which 67 percent will be from the Alliance for Freedom and Change and the rest will be from other political groups.