Conventional wisdom says that time is running out on a two-state solution to the Israel-Palestinian conflict. The opposite is more nearly correct. While a two-state solution remains, and will remain for the foreseeable future the only feasible solution, the conflict is not yet soluble.
The imaginable terms of a settlement were embodied in the 2000 ‘Clinton Parameters' or the deal proposed to Palestinian Authority President Mahmoud Abbas by then-prime minister Ehud Olmert in 2008. The current Israeli government is unlikely to offer as much (for example, shared sovereignty over Jerusalem) and in any event, Abbas spurned Olmert's offer.