WASHINGTON (CNN) -- Under a draft proposal released Thursday by the Federal Election Commission, Sen. Barack Obama would be allowed to raise private funds for the 2008 presidential general election while keeping open the option of returning that money should he later decide to accept public funding.

Obama and two of his main rivals for the Democratic presidential nomination, Sen. Hillary Clinton and former Sen. John Edwards, all plan to fund their campaigns solely from private contributions rather than accepting up to $105 million in public funds for both the primary and general election campaigns.

However, if Obama wins his party's nomination, he has expressed interest in accepting public funding for the general election, totaling roughly $84 million, if his GOP counterpart agrees to do the same. Obama asked the FEC earlier this month whether he would be permitted to do so upon returning any privately raised funds.

In its draft opinion, the FEC said that the Illinois Democrat could raise private funds for the general election and later return it in favor of public money as long as the private contributions were kept in a separate escrow account, and that all privately raised general election funds are returned within 60 days of becoming eligible for public funds, among other conditions.

"We're pleased this draft opinion moves the ball forward in the direction of preserving public financing of campaigns this election," said Bill Burton, an Obama spokesman.

The Commission will make a final ruling on the matter at a meeting next week.