The information has been confirmed by Eran Sidis, a spokesman for Knesset speaker Yuli Edelstein of the right-wing Likud party. "After consultations between different parties, it has been decided to hold elections on March 17," Eran Sidis told AFP.
Members of the Knesset are expected to formally approve the date late on Wednesday when they vote to dissolve the parliament.
Netanyahu called snap elections to receive a clear mandate to lead the country.
Netanyahu’s government has been plagued by conflict for months, including the next year’s budget, the collapsed US-sponsored peace talks, rising tensions between Israelis and Palestinians in Jerusalem among other issues.
Netanyahu’s right-wing Likud party is likely to win snap elections, according to a recent poll, conducted by Channel 2 television. If so, Netanyahu will head the next government.
Israel held previous general elections in 2013.