Pakistan foreign minister Shah Mehmood Qureshi said Imran Khan is ready to speak to Narendra Modi. (Photo:Reuters)

Pakistan has said it is willing to consider returning the Indian Air Force pilot if it means de-escalation the tense situation after airstrikes across the Line of Control.

"We are willing to return the captured Indian pilot if it leads to de-escalation. Prime Minister Imran Khan is ready to hold a telephonic conversation with Indian Prime Minister Narendra Modi," Pakistan foreign minister Shah Mehmood Qureshi told Geo News.

The Pakistani foreign minister added that they have received a dossier and will examine it.

"I will evaluate the dossier with an open heart and then see if talks will be held on that," Qureshi added.

Tensions have reached an all-time high between India and Pakistan since the Febrauary 14 suicide bombing of a Central Reserve Police Force convoy in Jammu and Kashmir's Pulwama that killed over 40 CRPF soldiers.

On February 26, the Indian Air Force carried out a pre-dawn airstrike deep inside Pakistan in Balakot. The Indian government officially called it an "intelligence-led, non-military, pre-emptive action".

The airstrike significantly heightened tensions between India and Pakistan which worsened on February 27.

On February 27 morning, Pakistani jets and Indian fighters had an aerial confrontation over Jammu and Kashmir. Indian Air Force's MiG-21 fighter jets managed to shoot down a Pakistani jet, something which Islamabad denied.

However, an Indian jet was also "lost" in the confrontation, the government said, and its pilot was "missing in action".

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