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The opinion gave a powerful voice of support to Netanyahu and Gantz as the Supreme Court debates a series of legal challenges to their agreement.
Reuven Rivlin rejected Benny Gantz's appeal for more time, citing claims from Netanyahu the two political rivals were not close to finalising a unity government deal.
The law, passed by the hard-right parliament in March, states that a prime minister can only be removed from power should they be declared unfit for office due to health reasons.
A 15-judge panel at Israel's Supreme Court began hearing petitions on Tuesday against a controversial judicial overhaul proposal which has prompted strong criticism and months-long protests
Israel's proposed judicial measures have sparked heated debates and protests, with many voicing concerns over the potential for unchecked legislative authority and threats to democracy.
Protesters gathered outside the house of Israel's justice minister as they continue to demonstrate against an extremely divisive judicial overhaul plan.
Israeli parliament is due to give the final vote on the controversial judicial reform bill next week.
Protestors return to the streets of Tel Aviv to object to the parliament's approval of the controversial judicial reform bill.
It is not known how the military would be affected if the reservists suspend their service.
The bill scheduled for discussion and ratification on Sunday and Monday would curb the Supreme Court's ability to void government and minister decisions or appointments by stripping the judges of the power to deem such decisions "unreasonable."