Peter Greste's parents filled with hope

The parents of Queensland journalist Peter Greste say news the Egyptian President is considering pardoning their son is the most promising development since he was arrested last year.

In June 2014, Greste, along with two al-Jazeera colleagues was convicted of supporting the blacklisted Muslim Brotherhood and spreading false information.

An Egyptian court handed down jail terms of between seven and 10 years to the three journalists.

On Thursday, President Abdul Fattah al-Sisi said he would consider pardoning the men in an interview with France 24.

Greste's family addressed the media in Brisbane on Friday and said they were filled with hope at the prospect.

"We are certainly very happy to hear the news that we did hear this morning. We welcome the announcement.

"It does fill us with a lot of hope, but at the same time various indications and messages had been given over the last...six months which did build up a lot of hope and expectation," his mother Juris Greste said.

Similarly, Foreign Minister Julie Bishop is cautious about the prospects of Egypt granting an early pardon to Greste.

Ms Bishop says it would be good news if President Abdel Fattah al-Sisi changed his mind about a pardon before the court appeal process is completed.

"If there is a move for (Mr Greste) to be released earlier we certainly welcome it," she told the Nine Network on Friday.

She said Australia had been making representations at the highest level.

Peter Greste and one of his al-Jazeera colleagues on trial in Egypt

Australian authorities were previously told the appeal process needed to run its course before any potential presidential intervention.

An Egyptian court is scheduled to hear an appeal on January 1.

But Mr Sisi has left the door open on a pardon.

"This issue is under study," he said during the interview.

Asked if it might happen soon, he said: "If we find that this is appropriate for Egyptian national security, then we will do it."

Mr Sisi last week signed a decree allowing for the extradition of foreigners charged with a crime or sentenced in Egypt.

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.