A ceasefire between Israel and Hamas has been agreed upon, signaling a temporary halt in the ongoing conflict.

The Israeli cabinet was to ratify the deal today.

It would include the release of 33 hostages initially, followed by more in a second stage of the cease fire.

If the agreement is formally ratified in Israel, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said the terms could go into effect as early as this Sunday.

While U.S. President Joe Biden did not provide those specifics, he said a deal had been reached.

"Fighting in Gaza will stop, and soon the hostages return home to their families," Biden said in a statement.

"For the Palestinian people, a credible, credible pathway to a state of their own. And for the region, a future of normalization, integration of Israel and all its Arab neighbours, including Saudi Arabia."

Tens of thousands of people have been killed on both sides since the war began 15 months ago.