Israel has agreed to release Palestinian prisoners as a part of its effort to resume the peace talks between the two sides.
"I don't want to give numbers but there will be heavyweight prisoners who have been in jail for tens of years," said Israeli Finance Minister Yuval Steinitz while speaking to Israel Radio.
After meeting with the leaders of both Israel and Palestine, U.S. Secretary of State John Kerry, said Friday, the two sides will resume direct talks next week.
"Through hard and deliberate work, we have been able to narrow those gaps very significantly," Kerry told reporters. "We continue to get closer and I continue to be hopeful that the two sides will come to sit at the same table."
U.N. Secretary-General Ban Ki-moon acknowledged John Kerry's efforts in bringing the two countries to the table again and said he was "encouraged" by the announcement.
"The Secretary-General welcomes the announcement by US Secretary of State Kerry today in Amman, Jordan, that the basis has been established to resume talks between Israelis and Palestinians," said Ban Ki-moon's spokesperson in a statement.
"He is encouraged by this positive development and calls on both sides to show leadership, courage, and responsibility to sustain this effort towards achieving the two-state vision," said his office.
The last round of direct talks between the two sides came to an end three years ago over the issue of Israeli settlements in East Jerusalem and the West Bank.
When Hilary Clinton was secretary of state, she tried to navigate talks between the two parties but failed to bring the two to the negotiation-table.
Israel's settlement process once again re-started within weeks after the direct talks broke down.
Hundreds of innocent lives have been lost in the fight between the two sides, according to the United Nations Office for the Coordination of Humanitarian Affairs.