The composition of the government will be presented to President Reuven Rivlin later Wednesday.
If it is true that the government has the support of the Knesset National Assembly, it means that the sentence has been set for a twelve-year period with Benjamin Netanyahu as Israeli prime minister.
The Israeli opposition leader had a deadline of 22.59 Norwegian time to form a government, which AP now reports that he has done.
Known from TV
Among other things, Lapid has a background as a presenter from television. He is a secular center-right politician who has been commissioned by Rivlin to form a new government.
This after Netanyahu once again failed to put together a coalition government after the March election, the fourth election in less than two years.
Lapid leads the party Yesh Atid, which he founded in 2012.
Negotiations
However, several media outlets report that negotiations are still ongoing between the Israeli opposition parties. The American news agency AP writes that there is still disagreement about some political appointments at a lower level.
But the main lines seem to be in place.
Lapid and Naftali Bennett, the leader of the ultranationalist party Yamina, will agree on a system in which they switch to being prime minister.
Accused of Netanyahu
Incumbent Prime Minister Benjamin Netanyahu, who is accused of bribery, fraud and breach of trust in three separate cases and who denies having done anything wrong, claims the charges are politically motivated. On Sunday, he warned that a government with influence from the left would endanger the state of Israel.