Israel's former Labor chairman and opposition leader Isaac Herzog was chosen by the parliament on Wednesday to be the next Israeli president.

Herzog, 60, beat former headmistress Miriam Peretz to replace President Reuven Rivlin, who was elected in 2014 to the largely ceremonial position. 

Wednesday's presidential vote came as Israeli politicians from across the spectrum were holding 11th-hour negotiations to cobble together a new administration aimed at ending Prime Minister Netanyahu's 12 straight years in office.

In his first televised address after being elected, Herzog said he intends "to build bridges" within the Israeli divided society and with the Jewish diaspora and "to keep safe the foundations of our democracy."

The role of the president in Israel is mainly ceremonial with little executive power. The president of Israel is elected for seven years and cannot serve more than a single term.

(With input from agencies)