Multiple media outlets say Israel and Hamas have agreed to a ceasefire and a phased release of hostages taken by the Islamic group and Palestinian prisoners held by Israel.

Under the deal, fighting will be paused for six weeks in the Gaza Strip.

The death toll in Gaza since fighting erupted in October 2023 has topped 46,000. It remains to be seen whether the truce will be observed and lead to an improvement in the humanitarian situation in Gaza.

US President-elect Donald Trump wrote on social media on Wednesday: "We have a deal for the hostages in the Middle East. They will be released shortly. Thank you!"

The truce deal had been stalled as Israel insisted it be allowed to keep forces along a land corridor between southern Gaza and Egypt following a ceasefire, while Hamas had demanded Israeli forces fully withdraw from the Palestinian enclave.

But after the killing of Hamas leader Yahya Sinwar by Israeli forces last October, followed by a ceasefire that took effect between the Shia Muslim group Hezbollah and Israel, Hamas was seen becoming isolated.

The group began showing a willingness to make concessions.

Meanwhile, Trump had been pressuring Hamas as well as Israel to realize a truce before he takes oath as the 47th president of the United States next Monday.

A senior official of US President Joe Biden's administration and Trump's envoy to the Middle East attended the negotiations in mediator nation Qatar.