Simon Mann, the former SAS officer jailed for 34 years for plotting a coup in Equatorial Guinea, has been pardoned on health grounds.

News of the mercenary's impending release from prison in the tiny, oil-rich West African country, where he has been imprisoned for nearly two years, was posted on the website of Equatorial Guinea's Ministry of Information this morning.

“The pardon was allowed for by presidential decree and granted on humanitarian grounds,” the statement said, citing Mann’s need for medical treatment and to be with his family.

It added that Mann, 57, had "shown sufficient and credible signs of repentance and a desire to take his place in society”.

A decree was read on national radio in Equatorial Guinea this morning saying that a “total amnesty” had been granted to Mann.

Mann must leave Equatorial Guinea within 24 hours and is banned from returning to the country, it said.

Mann's family said in a statement today that they were “absolutely delighted”.

Sarah and Edward, Mann's sister and brother, are due to fly to Equatorial Guinea aboard a private plane today to bring him home, according to one newspaper report.

The deal for Mann's freedom was allegedly struck in two months of talks at the Ritz Hotel and the nearby Equatoguinean Embassy in London, which were kept secret from Mann's wife Amanda, the report added. The Foreign Office was informed of the deal late last week by Equatorial Guinea's Ambassador.

Greg Wales, a businessman who was allegedly part of the coup plot, led the talks on Mann's behalf. He told the Daily Mail: "In the two months of intense negotiations, I have found the Equatorial Guinea Government and Ambassador to be extremely reasonable, focused gentlemen of the highest integrity."

Nick Du Toit, a South African arms dealer who was sentenced to 34 years for his part in the plot, was also pardoned today. Three others are understood to have been granted clemency.

The Foreign Office said that it was aware of the reports and was trying to clarify them, although it was "an issue for the Equatorial Guinea authorities at this stage".

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