Around 30 hostages are expected to be released in the initial phase of the agreement, according to CNN.
There are seven Americans being held, two of whom are expected to be free in the first phase, according to Axios.
Hundreds of incarcerated Palestinians being held by Israel are expected to be released in the initial phase, CNN reports.
It's unclear when the ceasefire will start.
The agreement, reached on Wednesday, Jan. 15, must be approved by both the Israel Security Cabinet and the country's full Cabinet, but could be implemented as soon as Sunday, Jan. 19, the last full day of Joe Biden's presidency.
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