Israel's longest-serving Primeminister Benjamin Netanyahu might just be sitting in the opposition for the first time in the last 12 years as he missed the midnight deadline to form a new coalition government.

"The period of 28 days allotted according to Basic Law: The Government (2001) to Prime Minister Benjamin Netanyahu MK to form a government expired at midnight," Israel's President Reuven Rivlin stated via Twitter.

"Shortly before midnight, Netanyahu informed Beit HaNasi that he was unable to form a government and returned the mandate to the president," he wrote.

Now, other parties would be given a deadline to form the government. 

Rivlin may now decide to give Yair Lapid a chance to form a government. Lapid, a former news anchor and the leader of the centrist Yesh Atid Party, is a staunch critic of Netanyahu.

Naftali Bennett, a former Netanyahu ally who serves as the leader of the small right-wing Yamina Party, may also be asked by Rivlin to form a government.

Elections could be held for the fifth time in the last couple of years if no other party can form a government.