The law – which would allocate 420 seats in Egypt's 567-seat parliament to independent candidates and 120 to party-based candidates – will be examined by the State Council's legislative department, which will also look into the bill's legality in light of the absence of a sitting parliament, the judicial source said.
The remaining 27 seats would be directly appointed by the president.
According to the official, the bill gives a number of seats allocated to party-based candidates to those given special status in the constitution, namely laborers, farmers, Christians, expatriates, young people and people with special needs.
Under the proposed legislation, he said, women would receive 156 seats in the assembly, Christians 24 seats, laborers and farmers 16 seats, young people 16 seats, and expatriates eight seats.
Once the law is approved by the State Council, it will be sent back to the government for referral to President Abdel-Fattah al-Sisi for approval.
Under the constitution, the president is endowed with legislative authority in the absence of a functioning parliament.
Parliamentary polls are the third step in Egypt's political roadmap, which was approved by the nation's political forces, including the military and Muslim and Christian religious establishments.
The roadmap was imposed by the army shortly after the ouster of elected president Mohamed Morsi, who hails from the Muslim Brotherhood, on July 3 last year.
The plan also included a constitutional referendum and presidential polls, both of which were conducted earlier this year.
In May, al-Sisi, the former army chief widely seen as the architect of Morsi's ouster and imprisonment last year, was declared the winner of Egypt's presidential election.