He planned address party supporters at what is expected to be a huge rally outside the party's headquarters at 10pm tonight.

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It's expected that he will be the prime minister within two years under an agreement with the country's former leader, Mahathir Mohamad, who won a shock victory in the recent election and overturned 61 years of rule by the same party, Barisan Nasional.

From prisoner to prime minister-in-waiting - inside and outside of Malaysia there's eager anticipation for his comeback.

Foreign Minister Julie Bishop told AAP the Australian government had followed Anwar's trial closely and was pleased he could now participate fully in politics.

"Anwar has much to contribute to Malaysia," she said.

In an exclusive interview with Fairfax Media on Tuesday, Anwar said his country was on the verge of a new "golden era", adding, "I never lost hope" during his years in prison.

The man who has led the country's reform, or "reformasi" movement for 20 years, cautioned his countrymen and women, saying "one election does not a democracy make".

Anwar has spent eight of the past 20 years in prison on politically-motivated sodomy charges, and as his one-time rival, Mahathir Mohamad, secured a remarkable election victory six days ago, he was in hospital recovering from shoulder surgery.

But, he said, he had never lost hope.

"I always believed in the wisdom of the people and that if we fought hard enough we would eventually prevail," he told Fairfax Media.

"At a time when democracy is in retreat around the world, I hope that the people of Malaysia have given some hope to people around the world clamouring for their own freedom."

Striking a note of caution, he reminded his fellow citizens of the deep, entrenched and systemic corruption that has infected Malaysia during the rule of Barisan Nasional.

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"The road ahead will challenge the best among us to deliver what we promised to the people," he said.

An urgent task was "respect for all Malaysians" – a reference to addressing racism embedded in the country's laws – "independence of the judiciary, rule of law, free media and proper separation of powers".