Iran may close its Fordow nuclear facility in exchange for a reduction in Western-imposed sanctions, Der Spiegel has reported.

Iran’s new President Hassan Rouhani is reportedly considering dismantling the uranium enrichment facility and allowing inspectors from the International Atomic Energy Agency to oversee the process.

In return, Mr Rouhani is expected to demand that the West lift its sanctions on Iran’s central bank and oil industry, in a bid to revive the country’s ailing economy.

The report suggests that Mr Rouhani – regularly described as a ‘moderate’ by the Western media - will make the proposal next week at the UN General Assembly in New York.

Speaking to Walla! News, Israel’s Deputy Foreign Minister said: “[Rouhani] is the father of the method of talking and enriching uranium at the same time.” The general consensus in Israel is that Iran is buying time in the hope of recovering its economy while still fortifying its nuclear material.