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The announcement by the head of Venezuela's National Assembly comes amid US pressure following the capture of ex-President Nicolás Maduro.
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Jorge Rodríguez, brother of Venezuelan interim President Delcy Rodríguez and an ally of former President Nicolás Maduro, also said "hundreds" of prisoners had already been released.
Among them is politician Juan Pablo Guanipa, one of several opposition voices to have criticised the law for excluding certain prisoners.
The US has urged Venezuela to speed up its release of political prisoners since US forces seized Maduro in a raid on 3 January. Venezuela's socialist government has always denied holding political prisoners.
At a news conference on Saturday Jorge Rodríguez said 1,557 release requests were being addressed "immediately" and ultimately the legislation would extend to 11,000 prisoners.
The government first announced days after Maduro's capture, on 8 January, that "a significant number" of prisoners would be freed as a goodwill gesture.
Opposition and human rights groups have said the government under Maduro used detentions of political prisoners to stamp out dissent and silence critics for years.
These groups have also criticised the new law. One frequently cited criticism is that it would not extend amnesty to those who called for foreign armed intervention in Venezuela, BBC Latin America specialist Luis Fajardo says.
He noted that law professor Juan Carlos Apitz, of the Central University of Venezuela, told CNN Español that that part of the amnesty law "has a name and surname". "That paragraph is the Maria Corina Machado paragraph."
It is not clear if the amnesty would actually cover Machado, who won last year's Nobel Peace Prize, Fajardo said.
He added that other controversial aspects of the law include the apparent exclusion from amnesty benefits of dozens of military officers involved in rebellions against the Maduro administration over the years.
On Saturday, Rodríguez said i
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