For a summit to be held, at least 14 countries must participate.
The decision was in response to a proposal by Qatar after Israeli air raids killed at least 220 people in Gaza and wounded 700 others.
Arab foreign ministers were due to hold an emergency meeting to take a common position on Israeli raids on Sunday but the meeting was postponed until Wednesday.
Amr Moussa, Arab League Secretary-General, said the meeting was postponed because many ministers were busy in separate meetings of two Arab regional groups - the Gulf Cooperation Council and the Maghreb Union.
"The time worries us very much because of the delay in holding the ministerial meeting but we will not remain silent and consultations are continuing," he said.
In parallel with these Arab meetings, the Arab League has asked Libya to seek an emergency session of the United Nation's Security Council, of which Libya is now the only Arab member.