Netflix, the largest provider of streaming video in the world, is purportedly planning on expanding into Israel within the next two years, Haaretz reports Tuesday. 

The streaming service owns a huge library of television series and films which subscribers can order and watch on demand for the low price of $8 a month in the United States.

The company also produces its own original content, such as hit shows "House of Cards" and "Orange is the New Black."

At the beginning of 2015, Netflix announced plans to expand from the 50 countries where it currently operates to over 200 within the next two years. 

The company has also in the past few months refused requests from Israeli cable providers Yes and Hot to buy its content, which Haaretz asserts could be part of a plan to enter the Israeli market, on its own terms, in 2016. 

The cheap streaming service's entry into the Israeli broadcasting market could create serious competition for Israel's television industry, and pose a threat to both Yes and Hot who charge hundreds of shekels a month. 

Meanwhile, Yoni Weisenthal, the acting head of the Israel Broadcasting Authority, has reportedly received an offer to head Netflix's forthcoming operations in Israel. 

A former content manager for the Yes satellite broadcaster, Weisenthal is considered one of the most experienced professionals in Israel's media market.