A government spokesman, however, says no time framework has been set.
Iran's foreign ministry spokesman Abbas Mousavi says the final steps of the legal procedure to release the tanker are underway.
Iran's foreign minister Abbas Mousavi says the seven crew members were freed on humanitarian grounds.
The US Department of Treasury says the vessel is 'blocked property' under an anti-terrorist order.
The final destination of the supertanker and its 2.1 million barrels of oil remains unclear with Greek authorities yet to confirm that it is expected to dock there.
Gibraltar says it could not comply with the US warrant as it is bound by EU law.
The US says the tanker would be subject to forfeiture for violating the International Emergency Economic Powers Act.
The tanker will be renamed Adrian Darya and will set sail under the Iranian flag.
The capture of the tankers has heightened tensions just as European nations scramble to save a landmark nuclear deal with the Islamic Republic.
The US justice department has yet to respond over its application to seize the Grace 1 oil tanker in Gibraltar.
British authorities detained an Iranian tanker off the UK overseas territory of Gibraltar in early July on allegations it was breaching EU sanctions on Syria.
Gibraltar says the Iranian vessel was suspected of smuggling oil to Syria in breach of European Union sanctions.
British Foreign Secretary Jeremy Hunt says Britain would facilitate its release if they 'receive guarantees that it would not be going to Syria.'
The arrests comes amidst the seizure of the oil tanker in Gibraltar.
An Iranian senior foreign minister calls Britain's move as unacceptable thus demanding it release an oil tanker detained in Gibraltar.
The British ambassador to Iran is summoned to its foreign ministry over the former's 'illegal interception' of an Iranian oil tanker in Gibraltar.
The oil supertanker Grace 1 now situated near Gibraltar is suspected off carrying Iranian oil into Syria violating US and European sanctions against Iran.
Spain, Ireland and Poland resumes their strong start to Euro 2020 qualifying.
Spanish Prime Minister Pedro Sanchez lifted his threat of an effective veto after Britain and EU officials provided written guarantees to Madrid.
The answer lies in Spain's hopes to gain some control over the territory it lays claim to once Britain leaves the European Union (EU).
Although Liechtenstein's anthem was played before the game instead of their own, Gibraltar were unfazed, beating Armenia to win a competitive international for the first time.
MADRID: Spain hopes to sign off on a bilateral agreement with the UK over Gibraltar before October so as not to hinder a Brexit transition...