Diplomats are seeking a last-minute deal as a 10-month Israeli ban on settlement-building winds down, putting Middle East peace talks at risk.
Palestinians have said they could leave the recently resumed peace talks if Israel does not extend its ban.
Settlers in the West Bank are preparing to resume construction late on Sunday if no deal is reached on an extension.
Israeli-Palestinian peace talks resumed in September after a 20-month hiatus.
But no agreement has yet been reached on the key issue of Israel's settlements - which Israel says are no bar to talks - despite intensive efforts from US negotiators.
Speaking exclusively to the BBC's diplomatic correspondent Bridget Kendall, Mr Barak said he was heading back to Israel to try to convince members of the Israeli government of the need for a compromise, but that he was not confident of success.
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