Likud Knesset member Danny Naveh announced Sunday his plans to quit his post as a legislator.

Naveh, an attorney by profession, served in two governments as a Minister without Portfolio and a Health Minister. Naveh will manage a large mutual fund. Negotiations on the move have been in the works for several months, reports said, although Naveh had repeatedly denied the story.

Naveh will be replaced by Yuli Edelstein, who will take the post because the next Likud member on the list - Uzi Landau - has decided not to accept the appointment to replace Naveh.