The Colombian government's Peace Commissioner Luis Carlos Restrepo said that several members of the Revolutionary Armed Forces of Colombia, or FARC, freed Betancourt, a one-time senator and presidential candidate, then several FARC members would be released.
The FARC captive must however promise not to return to the movement, Restrepo said, El Tiempo reported Friday.
Betancourt was captured by FARC rebels in 2002 during the presidential campaign. According to local media reports, her health appears to be failing.
FARC has been battling Colombian forces for more than 40 years.