Vilma Morales said it would be up to Honduras' congress and its courts to accept Arias' proposals.
Arias, a Nobel Peace Prize winner, has also suggested moving up presidential elections by a month to October and proposed a general amnesty for all political crimes committed before and after the military-backed coup.
He also said Zelaya should give up control of the armed forces a month before elections.
Many of the proposals already have been rejected by one side or the other.
Zelaya was expelled from the Central American country on June 28 by the military just hours before a rogue referendum on constitutional reform he had called in defiance of the courts and the country's national congress.
Opponents feared Zelaya would use the referendum to remain in power after his term ends on Jan. 27, 2010. The Honduran constitution limits presidents to a single four-year term.