The land was leased for a 25-year renewable period under annexes of the 1994 accord that lay down a one-year notice period.
Jordan's King Abdullah II says Amman has already notified Israel that it will not extend its lease of two border territories to the Tel Aviv regime, stressing that his country is resolute to reclaim both regions under a bilateral peace deal signed nearly a quarter of a century ago.
With the deadline for the lease renewal approaching on Thursday October 25, Abdullah informed Israel of his decision to return the land to full Jordanian sovereignty thus signalling that the agreement has expired. "These circumstances indicate that it is in Jordan's own interest to continue adhering to the peace treaty".
It also comes a week after 85 Jordanian members of parliament signed a petition urging the king to intervene so that the lease agreement would not be renewed, according to MP Khalil Atiyeh.
Despite the two sides sharing close security ties, there has been increased tensions between Jordan and Israel over the Israeli governments "provocative" measures ranging from placing restrictions on the Jerusalem's Al Aqsa Mosque and the Noble Sanctuary - recognised in the peace treaty as under Jordanian custodianship - to the continued construction of settlements on 1967 territory.
According to Israeli officials, the decision is significant, as it marks a Jordanian desire to effectively reduce diplomatic ties with Israel.
Jordan said on Sunday it would not extend the 25-year deal that allows Israel to use two tracts of territory along its border just as Israel said it was still planning to negotiate an extension.
"These are Jordanian lands and they will remain." the monarch said.
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The deal was signed in November 1994 by Abdullah's father, King Hussein, and then-Israeli Prime Minister Yitzhak Rabin. They signed a trade treaty in 1996 and in 2014, agreed to a $500 million natural gas deal effective for 15 years.
But he said Israel "will enter negotiations with it on the possibility of extending the current arrangement".
But the peace treaty with Israel is unpopular and pro-Palestinian sentiment widespread in Jordan.
In fact, Naharayim - Hebrew for two rivers, as it is located between the Yarmuk and Jordan Rivers - was opened this year to Israeli visitors under the name "Island of Peace".
Under the treaty, Israel retained private land ownership and special travel rights in Baquora in the northwestern part of the kingdom and Ghumar in the south. However, Israel-Jordan relations have been strained in recent years, particularly due to Amman's stance on the issue of Jerusalem.
Relations thawed after Israel replaced its ambassador to Amman and Netanyahu met with Abdullah last summer to stress the importance of economic and security cooperation between the two countries.
The arbitration clause in the Jordan-Israel agreement is the same as the one in the Camp David agreement, without specifying where it will take place and under which law it will be executed, Qassem explained.