Three Israeli men held hostage in the Gaza Strip are set to be released on Saturday in exchange for more than 300 Palestinian prisoners held in Israeli jails.

Israel has announced the names of the three hostages set to be released Saturday, in what would be the sixth exchange of hostages and Palestinian prisoners under the ceasefire deal that came into effect last month.

Israeli hostages Iair Horn, Sagui Dekel-Chen and Sasha Troufanov are expected to return from Gaza on Saturday after Egyptian and Qatari mediators helped avert a standoff that threatened to sink a fragile ceasefire that has halted fighting for almost a month.