"We have decided that we will not be releasing the peace vision (or parts of it) prior to the Israeli election", Greenblatt said via Twitter.
The statement comes after Greenblatt said on 8 July that the next step is for President Donald Trump to reach a decision when and where to unveil the peace plan.
However, Greenblatt pointed out that the Trump administration will focus at present on receiving feedback from allies and partners regarding the economic aspects of the peace plan.
Greenblatt also said that significant progress has been made in building relations between Arab countries and Israel, but Iran has tried to undermine the United States' efforts to facilitate the peace plan.
On 25 June, White House Senior Adviser Jared Kushner unveiled the economic aspects of the Trump administration’s peace plan at a conference in Bahrain.
For decades, Palestinians have sought recognition of their independent state in the Israeli-occupied West Bank and Gaza Strip. Israel has refused to recognise the Palestinian Authority as an independent political and diplomatic entity and continues to build settlements in the occupied areas despite objections from the United Nations.