The deal was put forward by regional mediators after weekend talks.
The 13-point plan also suggests reversing the ban on members of the previous president's party from standing in forthcoming elections.
The coup was carried out by allies of President Blaise Compaore, who was ousted by street protests last year.
At least 10 people have been killed in clashes since Thursday's coup.
The proposal suggests that anyone detained since the coup on 17 September is freed and an amnesty law for all events following the coup is put in place.
It also suggests that transitional President Michel Kafando, who lost his position during the coup, is reinstated until the election, which it says should be held no later than 22 November. It had been due on 11 October.
This point has already been rejected by coup leader Gen Gilbert Diendere, who wants to stay in power until an election.
In October 2014, the parliament building was set on fire amid huge protests against Mr Compaore's plans to extend his 27-year rule, forcing him to resign.
A transitional government was put in place and members of Mr Compaore's party were banned from running in the elections.
The proposal would overturn that ban. It was put forward by mediators from the Economic Community of West African States (Ecowas), led by Senegalese President Macky Sall.
Ecowas will discuss the plan on Tuesday in Nigeria's capital, Abuja.
The coup was led by members of the presidential guard, seen as Compaore loyalists.
Gen Diendere was his former spy chief and his wife, Fatoumata Diallo Diendere, was an MP in the forming ruling party, CDP, and therefore currently banned from contesting the forthcoming elections.
Source: BBC News Africa
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