WASHINGTON — The Obama administration is bringing the U.S. closer than it has been in years to granting convicted spy Jonathan Pollard an early release in a high-stakes gamble to advance Mideast peace talks.

If Pollard’s freedom leads eventually to a final peace settlement, it could mark a major victory for Secretary of State John Kerry, who has toiled to achieve an agreement between the Israelis and Palestinians after decades of distrust and violence. But if Pollard is freed and the talks fail, it could be a costly embarrassment.

Every president since Ronald Reagan has refused to release Jonathan Pollard from prison. A CIA director once threatened to resign when Bill Clinton briefly considered freeing the convicted spy as part of the peace talks.

The White House insisted Tuesday that President Barack Obama has not decided whether to release Pollard, a former U.S. Navy analyst who was sentenced to life in prison nearly 30 years ago for selling classified military documents to the Israeli government. Kerry, asked about prospects for Pollard’s release, told reporters at a NATO meeting in Brussels, “There is no agreement, at this point in time, regarding anyone or any specific steps.”

“All I can tell you is that we are continuing ... to be engaged with both parties to find the best way forward,” Kerry said.

Kerry abruptly canceled plans to meet today with Palestinian Authority President Mahmoud Abbas, an indication that the talks are flailing as they approach an end-of-April deadline for a decision on whether to continue.

The U.S. initially hoped to secure a peace agreement by the end of April. When it became clear several months ago that neither side was anywhere close to an agreement, Kerry said he aimed to reach a framework by then to serve as the basis for continuing negotiations.

Israel has for years pushed for Pollard to be freed, and gave him citizenship in the late 1990s. His release now could be used to give Israeli Prime Minister Benjamin Netanyahu political cover from fallout at home in exchange for concessions that could be made to the Palestinians to keep the talks going.