Speaking during a press conference, President Ghani said the government will also release two other senior Taliban leaders together with Anas Haqqani.
In his remarks Tuesday, Ghani said the Taliban release was a "humanitarian gesture", citing concerns that the hostages held by the Taliban were unwell. Also, the future of Ghani's government is in doubt as the results from the September 28 presidential elections have not been released yet.
He said the two hostages, US citizen Kevin King, 63, and Australian Timothy Weeks, 50, had not yet been released, but that the Afghan government hoped that transferring the Taliban commanders would lead to an exchange.
Over the past year the USA and the Taliban had been seeking a deal that would bring the insurgents to the table for peace talks with Kabul, and allow the United States to begin withdrawing troops. Trump also pledged to support Afghan troops in their war against the Taliban and maintain USA presence in the country for as long as there was a need for it.
It is unclear how or when the exchange of prisoners will take place.
"In a demonstration of respect for humanity by the government and nation of Afghanistan, we made a decision to conditionally release these three Taliban prisoners who were arrested in close cooperation with our global partners from other countries", Ghani said, without elaborating.
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Anas Haqqani is the son of Jalaluddin Haqqani, an anti-Soviet leader of Haqqani network who died in 2018.
Ghani said release of the professors had been a fundamental demand in indirect talks with the Taliban. Ghani said the decision to conditionally release the prisoners was "a tough, but important decision" and a "humanitarian gesture".
In a statement, AUAF said it was "encouraged" to hear news of the possible release of the two professors. The release of hostages is expected to help restart these negotiations.
The UN laid most of the blame at the feet of "anti-government elements" such as the Taliban, who have been carrying out an insurgency in Afghanistan for more than 18 years. The last time it was held was in July in Qatar.
His brother Sirajuddin now leads the Haqqani Network and is deputy head of the Taliban.