At the moment, he's being challenged by two newcomers -- Yair Lapid and Naftali Bennett.
Mr Lapid is keen for the burdens of the state to be shared more evenly.
Politically, Netanyahu and Lapid are at odds given the contrast in their Zionist makeup.
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Yair Lapid's newly-formed centrist Yesh Atid party surprised observers by coming second with 19 seats.
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Yesh Atid, led by journalist-turned-politician Yair Lapid, is credited with 18 or 19 seats.
And then I think that Lapid has the best shot at fitting in as well.
Mr Lapid's newly-formed Yesh Atid party shocked observers by coming second with 19 seats in Tuesday's election.
Lapid was well-known for his confrontational style on television and radio, as well as for his secularist views.
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On his Facebook page, Yair Lapid, the leader of Yesh Atid, says the coalition agreement will be signed "probably tonight".
The statement issued by Mr Netanyahu's office on Monday said Finance Minister Yair Lapid would instruct officials to transfer outstanding funds.
For the moment, Yair Lapid and his Yesh Atid (There Is a Future) party, bring unique street credibility to the Knesset.
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Late Tuesday night, Mr. Netanyahu called Mr. Lapid and urged him to join forces, according to Likud Party minister Limor Livnat.
Mr Lapid has also said he would only join a government that was committed to reviving the peace process with the Palestinians.
Mr Lapid said earlier that he would only join a government that was committed to reviving the peace process with the Palestinians.
Mr Lapid has said he will not join Mr Netanyahu's team unless the prime minister promises to push for peace with Palestinians.
Mr. Lapid is a potential Netanyahu ally, but has made opposition to government entitlements for the ultraorthodox one of his signature issues.
Analysts say the 18 or 19 seats predicted for Yesh Atid, headed by journalist-turned-politician Yair Lapid, is a stunning result for a newcomer.
While Kadima would lose most of its Knesset seats to Lapid's party, it is Deri who would be the undoing of the Right.
Yair Lapid has said he will not join any bloc aimed at preventing Israeli Prime Minister Benjamin Netanyahu from forming a new coalition government.
The prime minister has offered to work with the newly-formed Yesh Atid party, a secular centrist party set up by Mr Lapid last year.
That Mr Lapid is labelled a centrist perhaps shows you where the centre of gravity of Israeli opinion on such matters lies these days.
Tommy Lapid was the correspondent for the Israeli newspaper, Maariv, in London in the 1960s and later the head of the Israel Broadcasting Authority.
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The Labor party, like Lapid, stressed domestic problems while the new party Hatnua, led by former Foreign Minister Tzipi Livni focused on peace talks.
These happen to be major planks of Lapid's upstart party, Yesh Atid, which surprisingly came in second in Tuesday's elections to Netanyahu's Likud Beitenu party.
It is led by a popular television personality called Yair Lapid.
However, its leader, popular former TV presenter Yair Lapid, has demanded reform of a law under which ultra-Orthodox Jewish seminary students can defer their military service.
On the issue of Iran, though, Mr Lapid has expressed strong support for Mr Netanyahu, who has repeatedly warned of the danger of Iran's nuclear programme.
After Mr Netanyahu called snap elections in October 2012, Mr Lapid led a low-profile campaign, focussing on economic and secular - rather than territorial - issues.
Earlier, Justice Minister Tommy Lapid said it was good that the world was "rid" of Mr Arafat, whom he described as "the leader of terrorism against Israel".
"I heard talk about establishing a preventative bloc - I want to take this option off the table, " Mr Lapid said in a statement on Wednesday evening.
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