Egyptian President Abdel Fattah al-Sisi said a presidential pardon for two of the three Al Jazeera journalists serving seven-year jail sentences is being considered.
"Let us say that this matter is being discussed to solve the issue," Mr Sisi said in an interview with the France24 network.
Asked if they will be pardoned soon, he said: "If we find that this is appropriate for Egyptian national security, then we will do it."
Mr Sisi issued a decree last week allowing him to repatriate foreign prisoners in Egypt, raising the prospect that Australian Peter Greste and Canadian-Egyptian Mohamed Fahmy could be released.
Egyptian national Baher Mohamed is serving a ten-year sentence alongside his colleagues from the Doha-based network.
An Egyptian court in June handed down the jail terms to the three journalists who were convicted of supporting the blacklisted Muslim Brotherhood, and of spreading false information.
Mr Sisi has previously stressed that he does not interfere in Egyptian court rulings, but he has mentioned more than once that he wished the journalists had been deported rather than prosecuted.
An Egyptian court is scheduled to hear an appeal of their convictions on 1 January.