Washington, November 5 (RHC)-- Israel is seeking a large increase in annual military assistance from the United States and has held preliminary talks with the Obama administration on a 10-year financial package that would provide up to $50 billion, American congressional sources say.

During unofficial talks in recent weeks, Israel has asked the US to increase its annual military assistance by 60 percent to an average of $5 billion a year over the 2018-2028 period, the congressional aides said on Wednesday, according to Reuters.

Under the existing agreement that was signed in 2007 and expires in 2017, annual military aid to Israel grew to about $3 billion a year. That deal was negotiated during the George W. Bush administration.

Israel says that it wants more money to counter threats that will arise as a result of the recent Iran nuclear agreement, which the Zionist regime has fireclay opposed.

US officials said that negotiations on the new aid package deal were still in the early stages and the proposal has not yet been formally presented to Congress, which must approve the funding.

"First they have to negotiate with the White House," one senior congressional aide said of the Israeli regime.

Israeli Prime Minister Benjamin Netanyahu will visit Washington next week and hold talks with President Barack Obama on the aid package. Netanyahu and Obama are expected to reach an agreement on the aid deal's broad outlines.