Israeli Prime Minister Naftali Bennett has told Yamima party members that he won't stand for reelection in the next Israeli elections.

Bennett, who has lead a coalition government for the past year alongside foreign minister Yair Lapid will step down later this year as Israel faces its fifth election in three years.

Despite announcing that he'll be stepping back from Israeli politics, Bennett will remain 'alternate' Prime Minister when Yair Lapid is sworn in as PM this week.

Bennett's ruling coalition, hailed as historic when it was announced in 2021, has fallen apart in recent weeks with defections eroding its majority in the Knesset.

The group of MKs which included hard-line Jewish parties, centrists and Arab party Ra'am managed to form a government in May of last year after an election that saw Benjamin Netanyahu end his premiership after 12 years.

At the time, the historic coalition was praised for bringing together three vocal, often opposed groups in Israeli politics, but over the last year, it became clear that the only uniting factor was a desire to remove Netanyahu from office.

The Likud leader has promised supporters a return to front-line politics and has said he'd return for another term as prime minister despite facing trial for corruption charges, which he has repeatedly denied.