This comes as Prime Minister Benjamin Netanyahu initially convened Israel's security cabinet to discuss the decision, and subsequently, held a meeting with ministers.

"The government has now approved the outline for the release of all the hostages - the living and the dead," the Israeli Prime Minister's office announced early on Friday morning, The Jerusalem Post reported.

Officials have stated that the ceasefire will take effect immediately, according to CNN.

Steve Witkoff, US President Donald Trump's special envoy to the Middle East, and his son-in-law, Jared Kushner, were also present in the Israeli government's meeting in Jerusalem, where the government voted on the US-brokered ceasefire deal.

With this, the Israeli government approved "phase one" of a ceasefire agreement, where the exchange of hostages and Israel's withdrawal from parts of Gaza is expected, Al Jazeera reported.