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Shia Waqf Board chairman Syed Waseem Rizvi said that they have come up with the proposal following discussions with different stakeholders.
He further said that this solution would ensure peace and brotherhood in the country.
Rizvi along with some Mahantas from Ayodhya will also approach the Supreme Court before December 5 with a solution to the Ram Janmabhoomi-Babri Masjid dispute.
He recently met several Mahantas, including Mahanta Dharamdas and Mahanta Sureshdas in Ayodhya, for mutual agreement in the long-standing dispute.
Various attempts have been made by all the stakeholders till now to resolve the matter amicably but all went in vain.
The apex court will commence the final hearing of the long-standing matter from December 5, a day before the 25th anniversary of the demolition of the medieval-era structure.
The Babri Masjid was built by Mughal emperor Babar in 1528.