JERUSALEM - Israeli Prime Minister's Office confirmed Sunday that Benjamin Netanyahu will meet US President Barack Obama on the sidelines of the United Nations general assembly in New York on Wednesday.

A statement released by Netanyahu's office said the two are likely to discuss "the challenges and opportunities in the Middle East and the way to promote peace and security together ."

White House Press Secretary Josh Earnest said that the meeting will be an opportunity to discuss "the need for genuine advancement of a two-state solution to the Israeli-Palestinian conflict in the face of deeply troubling trends on the ground."

The meeting will allow "an opportunity to discuss the stalwart ties between the United States and Israel, as recently underscored by the finalization of our new 10-year Memorandum of Understanding with Israel, the single largest pledge of military assistance in US history," he said.

"Additionally, the leaders are likely to discuss continued implementation of the Joint Comprehensive Plan of Action and other regional security issues," Earnest added.

Last Wednesday, the two allies signed a military aid agreement, which is expected to give Israel as much as 38 billion US dollars a year over 10 years.