"After all this effort, all this time, if we haven't reached a good deal by the 23rd, I'll propose to the other side to create another deadline," Santos said on Wednesday as quoted by Channel News Asia, adding "I will not sign a bad deal to meet a deadline."
The FARC rebel group was established in 1964 as the military wing of Colombia's Communist Party. Since then, military confrontation between FARC and the Colombian government has been ongoing, with over 200,000 people having been killed as a result.
The two sides have been engaged in peace talks since November, 2012, and have reached a number of important agreements including on landmine removal, land reform, transitional justice and an end to illegal drug trafficking.
Last year, Santos and FARC signed a deal in Havana that set the schedule for the rebels’ full demobilization and disarmament. Last month, Colombia’s president issued an ultimatum for FARC to conclude a peace deal by March 23.
