Ron Huldai, Mayor of the Israeli capital of Tel Aviv, has announced that he was running in the upcoming national elections and has established a new party.

In a televised press conference on Tuesday, Huldai said: "We will not get used to a Prime Minister under indictments. I have decided that I can no longer stand on the sidelines."

His new party has been named "The Israelis", reports Xinhua news agency.

Justice Minister Avi Nissenkorn will be in second place on the new list.

Nissenkorn, who was also a lawmaker with the Blue and White party, announced earlier on Tuesday that he was resigning to join Huldai's new party.

An opinion poll published by Channel 12 TV news on Monday predicts Huladi might get about six to seven seats in Israel's 120-seat Knesset (Parliament).

Huldai is considered to be on the centre-left side of Israel's political map.

The election, which will be held on March 23, will be the country's fourth within two years.

The snap election was called after the governing coalition, formed just seven months ago, failed to pass the state budget for 2020.

According to experts, the government, led by Prime Minister Benjamin Netanyahu and Defence Minister Benny Gantz, failed to tackle the crisis or any other issues.

Netanyahu is under indictment on three corruption charges.

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This new election may pose Netanyahu with the greatest political challenge he has yet to face.

As the scene of the battle appears to be an internal one in the right, Israel may be in store for even longer political instability, the experts added.