Avichai Mandelblit said overnight he has accepted the police recommendations to file charges against Netanyahu in three different cases, pending a final hearing.
Charges include bribery and fraud and breach of trust, according to the statement.
The charges, which will be filed after a hearing, have emerged from a two-year triple-pronged corruption investigation into Netanyahu, who is now seeking his fifth term in office. At one point the PM even called the world's press to attention with a freaky live TV address to the nation, in which he ranted about prosecutors and demanded evidence.
This is a breaking news update.
The reported decision, ahead of Israel's April 9 election, deepens uncertainty over Netanyahu's prospects in a tight race. The attorney general's decision on whether to indict Netanyahu on a series of corruption allegations is expected to be delivered Thursday, Feb. 28, 2019. The aides spoke on condition of anonymity pending a formal announcement. Netanyahu will still have a chance to hold off any indictment during a court hearing.
This would be the first time an Israeli Prime Minister has faced criminal charges while in office.
This announcement by Mandelblit was just a declaration of intent to indict the prime minister.
Netanyahu doesn't look to go that quietly.
"During these meetings, the two discussed positive changes in the press coverage by Mr Mozes' media group regarding Mr Netanyahu, and possible action to promote a legislative bill that would have operated to reduce the financial damage created to Mr Mozes' own newspaper by a rival newspaper, Yisrael Hayom", the attorney general's office said.
But the court rejected the request on Thursday afternoon, potentially clearing the way for an announcement from the attorney general.More news: Trump and Kim without a deal as they prepare for second summit
The Israeli premier is to be given the opportunity to argue against being indicted at a hearing before any charges are brought forward.
The embattled prime minister is expected to address the Israeli public on Thursday evening.
The dry law of Knesset statutes does not specify one way or another about whether a prime minister must resign when indicted.
Netanyahu earlier in the day received support from US President Donald Trump, who defended his Israeli ally in remarks after his summit in Hanoi with North Korean leader Kim Jong Un.
"While the numbers we have tested don't look good for him at this stage, it's very hard to establish beforehand what would happen if people see the prime minister in that situation", Davies said.
"He's tough, smart, and strong".
Bribery charges carry a sentence of up to 10 years in jail and/or a fine. Its last four prime ministers have all been probed, and Netanyahu's immediate predecessor, Ehud Olmert, was sent to jail for bribery, though he stepped down while fighting the charges.
In exchange, they believe Mr Netanyahu used his connections with Mr Elovitch to receive positive press coverage on Bezeq's popular subsidiary news site Walla.
A related charge against Mr Netanyahu's wife, Sara, was dropped.
"I'm very anxious for freedom of the press and freedom of government in Israel if they start indicting people for trying to get good coverage from the media", he told Israel's Army Radio.