The country's defence minister Ehud Barak and the foreign minister Avigdor Lieberman are said to be among those backing a pre-emptive strike to neutralise Iran's nuclear ambitions.
But a narrow majority of ministers currently oppose the move, which could trigger a wave of regional retaliation.
The debate over possible Israeli military action has reached fever pitch in recent days with newspaper leader columns discussing the benefits and dangers of hitting Iran.
Mr Lieberman responded to the reports of a push to gain cabinet approval by saying that "Iran poses the most dangerous threat to world order."
But he said Israel's military options should not be a matter for public discussion.
Western intelligence officials estimate that Iran is still at least two to three years away from obtaining a nuclear bomb.
Israel has long made it clear that it will not allow Iran to obtain a nuclear capability that could threaten the Jewish State.
Publicly it is pushing for a diplomatic offensive against Iran - including the imposition of sanctions - rather than a military strike.
But prime minister Netanyahu has repeatedly warned that all options are on the table.
Israel's former defence minister Benjamin Ben-Eliezer told Haraatez newspaper that he feared a "horror scenario" if Israel attacked Iran.
Washington is also strongly opposed to Israel taking unilateral action.
Any strike on Iran could trigger retaliation from Iran and across the region.
Syria, a close ally of Tehran, could also launch attacks, along with the Iranian-backed Hizbollah militia in Lebanon. (11.02.2011, Emma Hurd) http://news.sky.com/home/world-news/article/16101552
"To Achieve One World
Government it is necessary to remove from the minds of men their individualism,
their loyalty to family traditions and national identification." (Brock Chisholm - Director of the World Health Organization)
"A society whose citizens refuse to see and investigate the facts, who refuse to believe that their government and their media will routinely lie to them and fabricate a reality contrary to verifiable facts, is a society that chooses and deserves the Police State Dictatorship it's going to get." (Ian Williams Goddard)
The fact is that "political correctness" is all about creating uniformity. Individualism is one of the biggest obstacles in the way of the New World Order. They want a public that is predictable and conditioned to do as it's told without asking questions.
"The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first." Thomas Jefferson