Israel's parliament has begun rushing through a bill to call a third general election within a year as talks between embattled premier Benjamin Netanyahu and his centrist rival broke down ahead of a midnight deadline.

A deal to avert a new election must be reached before 11.59pm (2159 GMT), following a deadlocked vote in September.

But Netanyahu and his rival Benny Gantz, both of whom have repeatedly failed to build a governing majority in the Knesset, or parliament, have spent days trading blame for failing coalition talks.

Israel's parliament has begun rushing through a bill to call a third general election within a year as talks between embattled premier Benjamin Netanyahu (left) and his centrist rival Benny Gantz (right) broke down ahead of a midnight deadline

The Knesset pictured today. A deal to avert a new election must be reached before 11.59pm (2159 GMT), following a deadlocked vote in September

On Wednesday morning the Israeli parliament passed 50-0 a preliminary reading of a bill immediately dissolving parliament and setting a new election for March 2.

It must face three more plenary readings and votes during the day before being passed.

New elections would add to the political challenges facing Netanyahu - Israel's longest serving premier, now governing in a caretaker capacity - at a time when, weakened by corruption charges, he must fend off internal challengers in his right-wing Likud party.

Netanyahu and Gantz, a former armed forces chief who heads the centrist Blue and White party, had been discussing a potential unity government, but disagreed on who should lead it.

Israeli Prime Minister Benjamin Netanyahu chairs the weekly cabinet meeting in Jerusalem December 8. Netanyahu and Gantz, a former armed forces chief who heads the centrist Blue and White party, had been discussing a potential unity government, but disagreed on who should lead it

Last month, when Netanyahu was indicted on corruption charges, Gantz called on him to step down.

On Tuesday night Netanyahu called on Gantz to stop 'spinning.'

'After 80 days, it's time that for one day, for the citizens of Israel, we sit and have a serious discussion about forming a broad unity government. It's not too late,' he said on social media.

Gantz said his party was making 'efforts to find a way to form a government without us giving up the fundamental principles that brought us into politics.'

If confirmed, it would be the first time Israel's weary electorate has been asked to go to the polls for a third time within 12 months.

sraeli Kahol Lavan (Blue and White) political alliance leader Benny Gantz delivers a statement during his party's faction meeting on December 9. Gantz said his party was making 'efforts to find a way to form a government without us giving up the fundamental principles that brought us into politics'

The Knesset pictured today. Israeli lawmakers gave initial approval today to a bill that would dissolve parliament and set the third general election in a year for the beginning of March

The parties of Netanyahu and Gantz were nearly deadlocked in September's election, following a similarly inconclusive poll in April.

Israel's proportional system is reliant on coalition building, and both parties fell well short of the 61 seats needed to command a majority in the 120-seat Knesset.

Both were then given 28-day periods to try and forge a workable coalition but failed, forcing President Reuven Rivlin to turn to parliament with his deadline for Wednesday.

New elections are deeply unpopular with the Israeli public, which has expressed mounting anger and frustration with the entire political class.

Both parties had been trying to convince Avigdor Lieberman, a crucial kingmaker, to join their blocs.

But the former nightclub bouncer, whose secular nationalist Yisrael Beitenu party holds the balance of power, has refused.

Kann Radio reported Tuesday that Netanyahu had abandoned hopes of earning Lieberman's endorsement.

Lieberman pointed out that Likud and Blue and White wouldn't need his support if they could agree to work together.

'If during the next 24 hours a government is not formed it will be solely because the leaders of the two big parties - Likud and Blue and White - were not willing to set aside their egos,' he said on Facebook Tuesday.

'All the rest is lies and excuses.'

Netanyahu was indicted last month for bribery, breach of trust and fraud relating to three separate corruption cases.

He strongly denies the allegations and accuses the media, police and prosecution of a witch-hunt.

Netanyahu (pictured) was indicted last month for bribery, breach of trust and fraud relating to three separate corruption cases

No date has yet been set for the beginning of the proceedings and, under Israeli law, Netanyahu can remain in office despite an indictment.

He also faces a potential challenge from within his own Likud party.

To boost his support, Netanyahu has pushed his plan to annex a strategic part of the occupied West Bank, as well as signing a defence treaty with the United States.

He is a close ally of US President Donald Trump, who has taken a number of controversial steps in support of Netanyahu's agenda.

Blue and White, meanwhile, pledged Monday to run with only one leader in the next election - Gantz.

Netanyahu is a close ally of US President Donald Trump (pictured addressing the Israeli American Council National Summit 2019), who has taken a number of controversial steps in support of Netanyahu's agenda

Previously Yair Lapid, second in command in the coalition, was meant to alternate the premiership, but on Monday Lapid said: 'We'll all get behind Benny Gantz, our candidate for prime minister.'

Despite Netanyahu's indictment, polls suggest that a third round of elections could still be neck and neck - prompting some Israelis to speculate about yet another electoral stalemate.

A commentary writer for the Israel Hayom newspaper suggested that 'a fourth election is even now visible on the horizon sometime in early September 2020'.