Seeking the “ultimate deal,” President Trump hosts Mahmoud Abbas at the White House on Wednesday. But is there a Palestinian-Israeli deal to be made?

Maybe. But following the old “peace process” route that has failed so miserably since the 1990s Oslo accords won’t do.

Why? Abbas, the Palestinian Authority president, is tired, illegitimate and weak — but even if he weren’t all that, he has no mandate to accept even the most generous offer any Israeli leader could make him.

And Benjamin Netanyahu, the longest-serving Israeli premier, is far from its most generous. While Bibi often calls for unconditional talks with Abbas, no Palestinian believes he’s a serious interlocutor.

Of late, America hasn’t helped either. President Obama kept pressuring Israel while demanding little of the Palestinians.

Abbas, as a result, turned to world supporters, initiating ever more ridiculous moves that enrage Israelis — like Tuesday’s UNESCO vote that attempted to erase any trace of Jewish historical and religious ties to Jerusalem.

Then there’s Gaza, which Abbas can’t even enter. The strip’s rulers, Hamas, have long vowed to end the “Zionist project,” but they’re just as vicious toward Abbas’s Fatah party.

That’s a cruel fight. Last week Abbas stopped paying Gaza’s electric bills, leaving residents with no power for long hours daily.

(Hamas unveiled its latest charter this week, receiving some applause for a “softened” stance against Israel. But the move seemed mostly designed to revive financial support for Gaza. Indeed, Hamas officials — looking for greater funding for their military operations — told Iran it wasn’t really rolling back its anti-Israel hostilities. Tehran had reduced the money flow to the terrorist group after it sided against Iran’s Syrian ally Bashar al-Assad.)

Meanwhile, Trump’s Middle East adviser, Jason Greenblatt, gained much good will from Israelis and Palestinians in a recent listening tour of the region. But a negotiated deal nonetheless remains unlikely.

Too bad. A deal, for one, could boost Israeli regional ties, already stealthily progressing as Jerusalem and Sunni Arabs unite in opposition to Obama’s Iran pact.

So what to do? Rarely described as a pro-peace camp, Israel’s leading Likud Party has ideas for Greenblatt and Trump.

“The question is, are they going for [a] renewal of negotiations, or for practical steps to help Palestinians and the region,” Intelligence Minister Israel Katz told me recently.

Israel will negotiate with Abbas as long as no preconditions are attached, Katz said. But other ideas can blunt the appeal of extremists and help Palestinians progress, by making the West Bank and Gaza more economically viable.

How about a new train line?

Katz, who is also transportation minister, wants to build a railway in northern Israel, connecting Haifa port to Jordan — and to the rest of the Arab world, all the way to Mecca. Trains will shorten maritime routes that currently transport goods from Europe to Asia around the Arabian Peninsula.

Israel will become “a bridge between Europe and the Mediterranean on one side, and Jordan and the countries to the east on the other,” says Katz. And the rail will be connected to Jenin in the West Bank, creating a route for Palestinian exports to Europe and the Arab world as well.

The rail project could also turn economically starved Jordan into a lucrative transportation hub.

How about an island?

Katz wants to build an artificial island three miles off the coast, serving as Gaza’s international port. He says it’ll ease the “pressure cooker” climate in the Gaza Strip, where 2 million people are packed in, by giving Gazans access to the world without depending on Israel.

And the $5 billion project would be built in Israeli territorial waters, so Israel would be able to inspect incoming ships and make sure they carry no arms for militants.

The port would promote prosperity in Gaza, and achieve Israel’s goal of ending what critics insist is an “occupation,” even as it razed all settlements and withdrew forces in 2005.

Katz’s “economic progress” is by no means the only out-of-the-box proposal meant to break the Israeli-Palestinian stalemate. A left-leaning group, Blue White Future, proposes “independent, unconditional moves,” including Israel’s unilateral withdrawal from West Bank areas Jerusalem determines aren’t vital for security. There are other ideas, as well.

Professional peace-processors have long insisted the contours of peace are well-known. Yet over 30 years of fruitless negotiations and mutual accusations prove them wrong. If Trump listens to other ideas he may even be remembered as a good deal maker.