The United States is readying a draft resolution at the United Nations Security Council setting out timelines for Iran's compliance with a nuclear deal it reached with world powers Tuesday.

The resolution, expected in the coming days, would also replace the existing framework of Security Council sanctions with the restrictions agreed during negotiations in Vienna, US Ambassador Samantha Power said.

Calling for the "timely adoption of this important resolution," Power said she also planned to work closely with US lawmakers, "who are essential partners in shaping effective US policy toward Iran and in ensuring Iran does not obtain a nuclear weapon."

A senior US administration official said earlier the resolution could be introduced as soon as next week.

But New Zealand's UN envoy Gerard van Bohemen, who holds the rotating presidency at the Security Council, stressed that no date for a vote had been set.

"Of course, the Council will stand ready to act when we know what the game plan is," he added.

The draft resolution already has the backing of UN veto-wielding members who took part in the Iran talks, the official said.

The resolution is expected to authorize economic retaliation in response to any breach of the deal, but will likely stop short of any reference to military consequences.

However, another senior administration official did not rule out the possibility of US military action as a last resort.

"Our clear preference is to resolve this diplomatically," the official said.

"Going forward, this or any future US president would have any option available to them including military action, if they felt that was necessary.

"If Iran is complying with this deal, we certainly believe that would not be necessary to address the nuclear issue."

Iran is actually under four series of UN sanctions detailed in seven separate resolutions adopted since 2006 in light of Iran's military and ballistic activities.

The provisions set under the sanctions resolutions "will be terminated subject to reimposition in the event of significant non-performance by Iran" as concerns its commitments, according to an annex of the deal clinched in Vienna.

The draft resolution prepared by the US must be submitted "without delay" for adoption by the UN Security Council, the annex added.