The statement gave no details of options being discussed if the Hamas militant group is ousted from Gaza as the result of an ongoing Israeli bombardment of the Palestinian enclave.
Israel has so far been vague about its long-term plans for Gaza.
Diplomats in Washington, the United Nations, the Middle East and beyond have also started weighing the options.
The statement will present the G7's "united stance" on the Middle East situation, Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Wednesday.
The G7 group of wealthy, industrialised nations is made up of Britain, Canada, France, Germany, Italy, Japan and the United States, with the European Union also participating in the talks.
Persons:
Josep Borrell, James, Annalena Baerbock, Antony Blinken, Yoko Kamikawa, Benjamin Netanyahu, Israel, Eli Cohen, Hirokazu Matsuno, Netanyahu, John Geddie, Sakura Murakami, Satoshi Sugiyama, Lincoln, Gerry Doyle
Organizations:
European Union for Foreign Affairs, German, Foreign, Group, Wall Street Journal, Union, Gaza, Diplomats, United Nations, Reuters, European Union, Thomson
Locations:
British, U.S, TOKYO, Gaza, Tokyo, Japan, Israel, Ukraine, China, Washington, Palestinian, United States, Britain, Canada, France, Germany, Italy