Netanyahu said in a speech he had met U.S. Ambassador David Friedman and White House adviser Avi Berkowitz to discuss "the sovereignty question", adding: "We are working on it in these very days and will continue working on it in the coming days".
This is the current map of the West Bank, including the Jordan Valley, occupied by Israel at the end of the 1967 War.
"Whoever painted a picture of everything happening in one day on July 1, did so at their own risk", Zeev Elkin told Army Radio when asked what would happen on Wednesday.
Elkin, a member of PM Benjamin Netanyahu's Likud party, said on Tuesday Israel still does not have the green light it seeks from Washington to begin extending its sovereignty to parts of the West Bank. No Israeli cabinet session has been announced for Wednesday.
USA officials are in Israel as part of the White House's efforts to win consensus within its government for annexation as envisioned in an Israeli-Palestinian peace plan announced by President Donald Trump in January.
The Trump administration's "vision for peace" sees Israel annexing 30 percent of the West Bank and the Jordan Valley but in recent weeks administration officials have become more reticent to allow Israel to go ahead with the plan. Palestinians are seeking the territory for their state.
But Gulf leaders have also made clear that moves towards annexation would threaten any warming relations with the Jewish state.
Rep. Alexandria Ocasio-Cortez, D-N.Y., and the powerful American Israel Public Affairs Committee (AIPAC) are facing off over a letter the progressive firebrand sent today warning against Israeli efforts to annex parts of the West Bank.
Israeli media have suggested action could be postponed indefinitely, or that Netanyahu might announce a symbolic gesture to limit worldwide uproar, like the annexation of one Jewish settlement on the outskirts of Jerusalem.