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It will be the fourth time in less than two years that Gantz seeks to unseat Benjamin Netanyahu, the country's longest serving prime minister.
Israel imposed its third lockdown on Sunday as Prime Minister Benjamin Netanyahu said a quarter of the population would be vaccinated within one month.
Under the proposed three-year agreement between Prime Minister Benjamin Netanyahu and his rival-turned-partner Benny Gantz, each would head the government for a period of 18 months.
Israelis were voting for a third time in 12 months on Monday, with embattled Prime Minister Benjamin Netanyahu seeking to end the country's political crisis and save his career.
Israel passed a law restricting demonstrations under a coronavirus-related state of emergency, a move that is viewed as an attempt to silence protests against Prime Minister Benjamin Netanyahu.
Israeli opposition leader Benny Gantz has announced that he will become defence minister in a new unity government led by far-right veteran Prime Minister Benjamin Netanyahu
Failed negotiations between former opposition leader Benny Gantz and Prime Minister Benjamin Netanyahu could plunge the country into a fourth consecutive election in just over a year.
Yoav Gallant's call on the government to halt legislation on changes to the judiciary has drawn support from at least two fellow Likud party lawmakers.
Yair Netanyahu has come under fire for tweeting that he hoped older left-wingers protesting against his father's corruption and authoritarianism would die from Covid-19.
President Donald Trump said alongside visiting Prime Minister Benjamin Netanyahu that his Israeli-Palestinian peace plan has a "chance" - despite being flatly rejected by the Palestinians.