Netanyahu is suspected of having received luxury gifts from businessmen overseas in Case 1000.
Mr Netanyahu is accused of seeking favourable coverage from another Elovitch company, the Walla news site, in exchange for policies that could have benefited the mogul's business interests.
Police said Sunday their investigation found that between 2012 and 2017, "the prime minister and his confidantes crudely and consistently, at times on a daily basis, intervened in the content published by the Walla news website".
On Sunday, the Israeli police and the Israel Securities Authorities said there was sufficient evidence for bribery, fraud and breach-of-trust charges to be brought against Mr Netanyahu and his wife.
They are also recommending charges be brought against Mr Elovitch and members of his family.
The prime minister has denied any wrongdoing, dismissing the accusations as a witch hunt orchestrated by the media.
According to a police statement, Netanyahu - at times also functioning as communications minister - tipped regulatory policy to benefit Bezeq Israeli Telecommunication Corp.
"These recommendations were determined and leaked even before the investigations began", Netanyahu said in a statement after the third recommended indictment against him in recent months. "The police recommendations have no legal standing".
Alarm raised as HIV rates on rise
Eastern Europe and Central Asia is one of only two regions where overall HIV prevalence has not declined in recent years. It is important not to delay if you have put yourself at risk .
That decision will have a great impact on Netanyahu's future. But at the minimum, a trial would put great pressure on Netanyahu, who has been in office for almost a decade, to step aside.
The next legislative poll is scheduled for November 2019. But Israeli governments rarely last their full terms.
Most of Netanyahu's coalition partners have said they will wait for a decision by the attorney-general before making any decisions about how to react to the allegations. Netanyahu now leads a coalition with a razor-thin 61 seat majority in the 120-seat parliament.
Reuven Hazan, a political scientist at Hebrew University, said Netanyahu will likely try to push forward elections before Mandelblit decides whether to indict.
However, he may want to seek a renewed mandate from the people to force a prosecutor to think twice before indicting him. Hefetz was, police say, desperate to do something about the Elovitch investigation he believed was underway.
Mr Netanyahu rejected the allegations in what is known as Case 4000.
Two senior advisers have turned state witnesses and have allegedly provided authorities with incriminating evidence.
The other is Mr Shlomo Filber, a Netanyahu ally for more than 20 years and former director general of the communications ministry.