Gallant, 42, will see the 17-year sentence he received in 2005 reduced by 10 months, and could apply for parole next June, the Mirror reported.
The Ministry of Justice said the Queen was advised to grant this pardon as a result of Gallant’s “exceptionally brave actions […] which helped save people’s lives despite the tremendous risk to his own”.
In an extraordinary turn of events, the family of firefighter Barrie Jackson, whom Gallant killed outside a pub in Hull, backed the decision to free the murderer early.
Jackson’s student son Jack, 21, said: “I have mixed emotions – but what happened at London Bridge goes to show the reality that people can change,” adding that he would not rule out meeting his father’s killer one day.