Every Australian could be eligible for a free dose of the University of Oxford’s coronavirus vaccine if phase 3 trials prove successful, the Federal Government says.

Prime Minister Scott Morrison announced on Wednesday he had signed a “letter of intent” with AstraZeneca to locally produce 25 million doses of the Oxford vaccine.

No money has been exchanged, but Mr Morrison said he was “hopeful” the vaccine candidate would prove safe and effective, with the potential for it to be rolled out early next year if the deal goes ahead.

“If we can get it done earlier that that, we will,” he told Seven’s Sunrise program on Wednesday morning.