Israeli hostages may be released as early as Saturday (11 October) under a U.S. plan to end the war in Gaza and the country's military will complete the first part of a partial withdrawal within 24 hours of the deal being signed, said a source briefed on details of the agreement.
The signing of the agreement on the first stage of U.S. President Donald Trump's initiative for Gaza is expected to take place on Thursday.
Israelis and Palestinians rejoiced after Trump announced that a ceasefire and hostage deal was reached under the first phase of his 20-point plan to end a war in the Strip that has killed more than 67,000 people, according to the Health Ministry's latest figures and reshaped the Middle East.
The signing of the ceasefire is expected at 12 p.m. Israel time (0900 GMT), said the source briefed on the details of the agreement.
The accord, if fully implemented, would bring the two sides closer than any previous effort to halt a war that had evolved into a regional conflict.
“Thank God for the ceasefire, the end of bloodshed and killing," said Abdul Majeed abd Rabbo, a man in the southern Gaza city of Khan Younis.
"I am not the only one happy, all of the Gaza Strip is happy, all the Arab people, all of the world is happy with the ceasefire and the end of bloodshed."
But the agreement announced by Trump late on Wednesday was short on detail and left many unresolved questions that could yet lead to its collapse, as has happened with previous peace efforts.
"I am very proud to announce that Israel and Hamas have both signed off on the first Phase of our Peace Plan," Trump said on Truth Social.
"This means that ALL of the Hostages will be released very soon, and Israel will withdraw their Troops to an agreed upon line as the first steps toward a Strong, Durable, and Everlasting Peace," Trump added.
Successful completion of the deal would mark a significant foreign policy achievement for the Republican president, who had campaigned on bringing peace to major world conflicts but has struggled to swiftly deliver, both in Gaza and on Russia's invasion of Ukraine.
Israeli Prime Minister Benjamin Netanyahu said he would convene his government on Thursday to approve the agreement.
"With the approval of the first phase of the plan, ALL our hostages will be brought home," he said in a statement. "This is a diplomatic success and a national and moral victory for the State of Israel."
Hamas confirmed it had reached an agreement to end the war, saying the deal includes an Israeli withdrawal from the enclave and a hostage-prisoner exchange.
"We affirm that the sacrifices of our people will not be in vain, and that we will remain true to our pledge - never abandoning our people’s national rights until freedom, independence, and self-determination are achieved," Hamas said.
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