Turkey is ready "if necessary" to pay compensation to Russia after it shot down one of Moscow's military jets over Syria in November, Prime Minister Binali Yildirim has said.

One of the two pilots aboard the plane was killed after he parachuted from the aircraft.

"We have said that if necessary we are ready to pay compensation," Mr Yildirim told Turkish television late Monday, hours after President Recep Tayyip Erdogan reached out a conciliatory hand to Moscow over the incident that shattered ties between the two nations.

He also indicated that Mr Erdogan would speak with his Russian counterpart Vladimir Putin tomorrow or Thursday over how to rebuild ties between the two nations, which back opposite sides in the Syrian war.

"I think we have reached an understanding on this affair. We will put this incident behind us and continue on our path," Mr Yildirim said.

Turkey had previously refused to apologise over the incident, insisting the Russian plane strayed into its airspace and ignored repeated warnings.

Russia insisted it did not cross the border and accused Turkey of a "planned provocation".

Ankara is backing rebels fighting to topple Syria's President Bashar al-Assad, while Moscow is one of his last remaining allies.

Ankara went on a diplomatic charm offensive yesterday as it seeks to shore up its influence in the region, hailing a deal with Israel to restore ties as well as mending fences with Russia.