Israeli President Shimon Peres on Saturday gave Prime Minister Binyamin Netanyahu a two-week extension to form a new coalition government, after he failed to do so in an initial four-week period.

"I am giving you another two weeks, by law, to complete the task of forming the government," Peres told Netanyahu during a televised statement at the presidential residence, AFP reported.

On February 2, Netanyahu was tasked with forming a coalition and Peres gave him the initial 28 days mandated by law for the task.

If after two weeks Netanyahu still cannot manage to form a coalition government, Peres will then have to ask a different member of parliament to try to form a government.