This means that ALL of the Hostages will be released very soon, and Israel will withdraw their Troops to an agreed upon line as the first steps toward a Strong, Durable, and Everlasting Peace," Trump wrote on Truth Social.BBC reported.
The announcement comes after three days of indirect talks in Egypt - mediated by officials from Egypt, Qatar, Turkey and the US - aimed at bringing an end to the two-year conflict.
Both Israel and Hamas also confirmed an agreement had been reached.
However, Trump's post did not provide clarity on other known sticking points in negotiations - notably the disarmament of Hamas and the future governance of Gaza.
But the deal still appeared to be the closest the two sides have come to ending the war which has killed tens of thousands, and drawn in countries including Iran, Lebanon and Yemen