"Potentially this is a step forward," Nomura Senior Political Analyst, Alastair Newton, told CNBC Wednesday. "It is pretty clear that (Greek Prime Minister) Alexis Tsipras is prepared to meet creditor demands."
The sidelining this week of outspoken Greek Finance Minister, Yanis Varoufakis, from the head of Greece's negotiating team has also been viewed as a step by Athens to move the negotiations forward.
Read MoreVaroufakis sidelined but Greece still in danger
The draft bill on Greek reforms is not expected to offer major new concessions beyond those already discussed, Reuters reported Wednesday, but will add details on measures to address corruption and tax evasion.
"Plunging popularity and serious cash constraints are pushing the Greek government towards a deal in May, represented by a shakeup of the government's negotiating team and a number of reforms that will be pushed through parliament as early as tomorrow," Mujtaba Rahman, practice head of Europe at Eurasia Group, said in a note.
Nomura's Newton said Greece now faced two key questions.
"The first is: will Greece come up with something that goes far enough to appease creditor countries. And two: assuming Tsipras can do that, can he secure a parliamentary majority at home to pass the bill?" he said.