Israeli Prime Minister Ehud Olmert, Defense Minister Ehud Barak and Foreign Minister Tzipi Livni discussed on Sunday morning the Egypt-brokered draft of long-term ceasefire between Israel and Hamas, local media reported.

Olmert played down the expectation of the possibility that the deal would secure the release of abducted Israeli soldier Gilad Shalit, according to the website of local daily Jerusalem Post.

Earlier Sunday, the London-based pan-Arab newspaper Al-Hayat reported that Shalit would be released in exchange for the release of 1,000 Palestinian prisoners, including some convicted killers.

Olmert shrugged off the report, saying the media was "exaggerated in their assessment of progress of the Shalit deal."

Meanwhile, Barak confirmed that "supreme efforts" are being made to secure Shalit's release in the near future.

According to Al-Hayat's reports, significant progress had been made in the indirect negotiations between Israel and Hamas regarding a new ceasefire formula in Gaza Strip, which would include the cessation of all hostilities between Israel and Gaza gunmen, a Hamas commitment to refrain from firing rockets into southern Israel for 18 months, and the reopening of the border crossings.

Israel's Prime Minister Ehud Olmert attends the weekly cabinet meeting in Jerusalem Feb. 8, 2009. (Xinhua/Reuters Photo)
On Saturday night, Olmert, Livni and Barak also met to discuss the ongoing Egyptian efforts to hammer out a long-term ceasefire in Gaza Strip and efforts to finalize a prisoner swap including the return of Shalit.

Israel's Defence Minister and Labour party leader Ehud Barak (2nd L) waits for the start of the weekly cabinet meeting in Jerusalem February 8, 2009. (Xinhua/Reuters Photo)
It was reported by Jerusalem Post that Olmert and Livni are now more willing to release "higher quality" security prisoners in a swap than they were before Operation Cast Lead.

Source:Xinhua