I just can't see that happening. I've lost count of teh number of times I've read things saying that the PLO hadn't officially recognised Israel, even though that had been done. And the vast majority of the West Bank is not administered by the PA
http://www.fmep.org/maps/map_data/redeployment/staged_israeli_transfers.pdf and the Gaza disengagement wasn't a result of the PLO recognising Israel...
I guess the Israeli govt and and the US and its allies have a very different idea of what an independent Palestinian state would be than what I do. i fail to see how there could be an independent state emerging in the West Bank with Israeli settlements still there....