It’s no secret that Hamas, the Palestinian Islamist faction that controls Gaza, has long considered exchanging its underground smuggling tunnels to Egypt for a policy of above-board trade. What has only recently begun to register is that Hamas may be contemplating a bolder political gambit still: Cutting its financial ties to both Israel and the Palestinian Authority government in the West Bank, in preparations for declaring full independence on behalf of Gaza.

Al-Hayat first reported the story on July 22. The London-based Arabic daily noted that Hamas was poised to sever its limited economic ties with Israel, open a free trade zone with Egypt at the Rafah border crossing, and declare itself liberated. Before the story could gain traction, however, senior Hamas leaders Mahmoud al-Zahhar and Salah al-Bardawil quickly disavowed the reports.

But senior Gazan officials quietly acknowledged to me in recent meetings that Hamas, a Muslim Brotherhood splinter group, and President Mohamed Morsi’s new Muslim Brotherhood government in Egypt, are actively discussing this controversial idea. Hamas has approached the question patiently since conquering the Gaza Strip from the Palestinian Authority in 2007. Now, after a half decade of economic hardship resulting from the Gaza embargo, the Hamas government appears to believe that 1.7 million Gazans would welcome the free flow of goods above nearly all else.

The international community may be another story. Hamas is still a designated terrorist group in the United States and elsewhere. In hopes of avoiding sanctions or other roadblocks, unaffiliated businessmen in Gaza are now working to create an independent corporation to manage the Rafah crossing. According to a Gaza entrepreneur who wishes to remain anonymous, it is slated to be called the “Palestine Company for Free Trade Zone Area.”

But even if Hamas can satisfy the concerns of the international community, other Arabs might stand opposed. Egyptians are particularly ambivalent. In April, Palestine Press quoted an Egyptian official who opposed the move because it would “cause great harm to the Palestinian cause.” It was the Egyptians, after all, who had labored to bring about the Hamas-Fatah unity agreement of May 2011. Those who have benefited from the smuggling tunnels will also be unhappy. If the Sinai Bedouin population is cut off from the lucrative black market that brings everything from Iranian rockets to groceries into the Gaza Strip, the recent violence in the Sinai could be only a small sign of things to come.