Tehran: Iran's foreign minister has offered a simultaneous exchange of enriched uranium for nuclear fuel as a solution to the impasse over Iran's nuclear program.

The semiofficial ISNA news agency quoted Manochehr Mottaki Wednesday as saying "we will consider a simultaneous swap" inside Iran and the amount of material would be studied.

The US and its allies have expressed concern over Iran's nuclear program, especially its process of enriching uranium which could eventually be used to create weapons grade material.

Iran maintains its program is only for peaceful purposes.

The UN brokered a deal in which Iran would send away its enriched uranium in exchange for nuclear fuel rods. Iran has yet to accept the deal.