The most likely candidate, Khaled Meshaal, is regarded as a pragmatist who was passed over for the overall leadership of Hamas in August following the killing of Ismail Haniyeh, the former leader, in an Israeli drone strike in Tehran.
Such an appointment would weaken Iranian influence over Hamas and bolster the sway of Turkey and Qatar, both of whom are anxious for a ceasefire. Iran may push for the position to be given to Khalil al-Hayya, a senior Hamas figure who is seen as being close to Tehran but is also considered far more pragmatic and less pliable than Sinwar.
American pressure on Mr Netanyahu to enter into meaningful talks, already increasing in recent weeks, is now likely to grow significantly as well, with President Biden desperate to secure some kind of breakthrough before the US presidential election in November.
Yet just because logic dictates that the moment for a ceasefire has now arrived, it is a leap to suggest that peace is now preordained.
Those on the Right wing of Mr Netanyahu’s cabinet are unlikely to be assuaged so easily and will keep up the pressure on him to fulfil his promise of “total victory”, the full dismantling of Hamas and the long-term occupation of at least parts of Gaza.
There is also the issue of Iran, whose missile barrage of Oct 1 has so far gone unanswered. Israel is almost bound to retaliate and the scale of its response may well dictate whether hopes of a ceasefire are realised or whether the dogs of war remain unleashed.