Israeli Prime Minister Benjamin Netanyahu convened his cabinet on October 11 night to approve an exchange of Israeli soldier Gilad Shalit reportedly for about 1,000 Palestinians being held in Israeli prisons. The young Israeli soldier has been held captive for more than five years.

Netanyahu said that if everything went smoothly, Shalit would return home within days.

Netanyahu said he believes Israel reached the best agreement possible before the window of opportunity could have closed for good. He said the agreement was signed on October 11.

The soldier’s family and supporters were jubilant over the news. Celebrations also broke out in the Gaza Strip, which has been controlled by Hamas since 2007.

Hamas leader Khalid Mashal announced the accord in Gaza.

Mashal said that after years of negotiations, they had reached an agreement for the release of many Palestinians in exchange for a single Israeli.

Gaza television said the deal would see the release of hundreds of people, including women and children and some senior Palestinian officials.