Two U.S. hikers, who were arrested and sentenced to eight years on charges of spying and entering into Iran illegally, may be released on bail very soon.

In an interview to NBC, President of Iran Mahmoud Ahmadinejad said that he expected both the Americans would be released in a couple of days.

Earlier on Tuesday, Iran's revolution court agreed to release Shane Bauer and Josh Fattal on $500,000 bail. Branch 36 of the revision court has consented to release these two American nationals on a bail of half a million dollar, said Massoud Shafi'ee, the Iranian lawyer of Bauer and Fattal.

Bauer, Fattal and Sara Shourd were arrested on July 31, 2009 on suspicion of spying. Shourd was released in September 2010 after he had paid bail amount of $500,000.

Bauer, Fattal and Shourd say they were hiking in the mountains of northern Iraq and, if they crossed the unmarked border into Iran, it was by mistake.

Bauer and Fattal were convicted at a trial held behind closed doors and share a cell in Tehran's Evin prison.

Their supporters said evidence against them had never been made public, and that the sentence came as a shock after hopes for their release had been boosted by positive comments from Iran's foreign minister.