You could have a one state solution with a power sharing Govt, a bit like the NI solution. Although ethnically and culturally there are more differences, as essentially the Irish are just that, Irish. Albeit some of them like to call themselves British.
That said, there was a time where Jews, Arabs, Muslims and Christians lived in peace with each other in Palestine. It was largely European immigration to the area, a lack of integration into the existing culture and the failed Palestine Mandate that led to the situation we're in now.
Whatever solution two state/ one state, there has to be compromise on both sides. Hamas has to give up the weapons and Israel has to give up land, border control, blockades etc.
The current leaders aren’t the people to negotiate any of this as they clearly want to wipe each other off the map, which simply isn’t going to happen. So a negotiated settlement has to happen.