The plan would see President Bashar Assad handing power to a deputy and setting up a unity government before holding early parliamentary and presidential elections.
The Arab League said it would take its road-map to the United Nations for endorsement.
The plan was adopted by Arab League foreign ministers meeting January 22 in Cairo.
The Arab League foreign ministers had been expected to extend for another month their observer mission in Syria.
Activists in Syria, however, said the presence of the Arab League mission had not led to a drop in the violence.
The United Nations say some 5,000 people have died in the 10 month crackdown on protesters against the rule of Assad.
Earlier in Cairo, Saudia Arabia said it was pulling its monitors out of the observer mission, saying Syria had failed to fulfill any of the terms of an Arab peace plan.
“The crimes committed against our Syrian brothers must stop, and therefore my country has decided to withdraw its monitors due to the fact that the Syrian government has not implemented any aspects of the Arab solution whose objective is mainly to put an end to the Syrian bloodshed,” said Saudi Foreign Minister Saud El Faisal.
The fate of the observer mission was unclear.
compiled from agency reports
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