Al-Arabiya is reporting that Israel and Hamas have reached a prisoner exchange deal that would free Gilad Shalit, the young Israeli soldier who was kidnapped and has been held hostage for more than 5 years.
Ha'aretz says PM Netanyahu just called a "rushed" cabinet meeting.
Update: According to the Jerusalem Post the deal apparently involves the release of 1000 Palestinian prisoners, including "arch terrorists."
Hamas is calling the deal a "national achievement."
The Shin Bet and Mossad reportedly support the deal, as does Netanyahu.