The Prime Minister of the state of Israel Benjamin Netanyahu has been formally charged with corruption, the Time of Israel publication has reported.

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Charges were filed by the Attorney General Avichai Mandebilt early on Tuesday, marking a first in the history of Israel as Benjamin Netanyahu will be the first sitting PM to be charged.

“The indictment was filed a short time ago… as is required by law,” the attorney general's office said in a statement as quoted by the Times of Israel.

Benjamin Netanyahu has strongly denied any wrongdoing, charging that the charges are part of a wide-ranging political witch hunt, BBC has reported.

Earlier in the day, the embattled PM had withdrawn a request for immunity from prosecution from the Knesset, the Israeli Parliament.

His indictment comes amid building anticipation for a Middle East peace plan to be made public by the President of the United States of America Donald Trump.

The New York Post observed in its report that the filing of the charges against Netanyahu could change the dynamics of the upcoming elections slated for March.

The case is related to the premier's alleged acceptance of expensive gifts from top business executives, an acceptance that prosecutors say was in contravention of the law. 

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