In exchange, at least 150 Palestinian women and children held in Israeli jails will be freed.
The truce, mediated by Qatar, marks a first in the nearly seven-week-long conflict, and there are provisions for the ceasefire to be extended if more hostages are released, media have reported.
Israeli Prime Minister Benjamin Netanyahu's office announced that the initial release of hostages, comprising 50 women and children, will occur over four days at a rate of at least 10 per day.
Israel's justice ministry published a list of 300 Palestinian prisoners who might be released.
Hamas confirmed that the first 50 hostages would be exchanged for 150 Palestinian detainees.
Additionally, the truce will allow the entry of hundreds of trucks carrying humanitarian, medical, and fuel supplies into Gaza.
Israel has also agreed to halt air combat missions over southern Gaza and maintain a six-hour daily no-fly window in the north.
US President Joe Biden, among other international leaders, welcomed the agreement.
A senior US official has also revealed that three American citizens, including a 3-year-old girl whose parents were killed in Hamas's October 7 attack, are expected to be among the hostages released.
(jh/gs)
Source: PAP