'There's been a handshake!' Trump raises hopes of Israel-Hamas ceasefire as major update sets key agreement date

"We are very close to getting it done," Trump claimed. "They have to get it done."

However, Trump also warned of serious consequences if the deal falls through, adding: "If they don't get it done, there's going to be a lot of trouble out there - a lot of trouble like they have never seen before".

Trump indicated the agreement could be finalised "by the end of the week" in a major boost to the families of hostages snatched by Hamas on October 7.

The proposed deal involves a three-phase agreement, with the 33 remaining hostages expected to be released in the initial stages.

Hamas would release three prisoners every seven days as part of the first phase.

In exchange, Israel would free approximately 1,000 Palestinian prisoners, two sources close to Hamas have claimed.

Israeli hospitals are already preparing to receive and treat the remaining injured hostages.

Dr Sharon Alroy-Preis, head of the Health Ministry's public health division, noted that the conditions of these hostages after more than a year in captivity will be "very different" than those released in November 2023.

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The three-phase plan requires final approval from the Israeli Cabinet, with Qatar's Foreign Ministry spokesman Majed al-Ansari already confirming significant progress in negotiations.

"Today, we are at the closest point ever to having a deal", al-Ansari said.

The United States, Qatar and Egypt have all been working for over a year to broker an deal to end the conflict.

The deal includes the release of five female Israeli soldiers, with each exchange securing the freedom of 50 Palestinian prisoners.

Among the Palestinian prisoners to be released are 30 Hamas terrorists currently serving life sentences.

Israeli officials believe most of the 33 hostages set for release are still alive.

Some 100 people remain captive inside Gaza, with the military estimating at least a third have died.

Hamas has insisted it will not release the remaining captives without an end to the war.

During the 42-day first phase, Israeli forces would withdraw from population centres in Gaza.

Palestinians would be permitted to return to what remains of their homes in the northern tip of the Strip.

The agreement would also see a significant increase in humanitarian aid, with approximately 600 trucks entering daily.

Despite these developments, Israeli Prime Minister Netanyahu has vowed to continue the campaign until achieving total victory over Hamas terrorists.

The deal does not include written guarantees that the ceasefire will continue until a comprehensive agreement is reached.

Negotiations for the second phase of the deal will begin during the implementation of phase one, though details remain difficult to resolve.

An Israeli official confirmed that Israel will maintain certain military assets throughout the negotiations.

Israel has also stated that it will not completely withdraw from the Gaza Strip until all hostages are returned home.

However, hopes of peace comes after more than 45,000 Palestinians were killed following Hamas's October 7 attack last year.