During a meeting at his residence in Jerusalem, Herzog praised the 77.7% turnout in Tuesday's election, which was the country's highest in more than two decades.
Voter turnout was inspired by a desire to oust the most right-wing governing coalition in Israel's history. For years, many participants had boycotted Israeli elections on the grounds that voting would legitimise a system they argue treats them as second-class citizens.
Potential coalition configurations involve parties led by Bennett and Lieberman replacing the ultra-Orthodox parties. However, both Bennett and Lieberman campaigned explicitly to oust Netanyahu and to extend military conscription to the ultra-Orthodox, bringing them into direct conflict with the two ultra-Orthodox parties already part of Netanyahu's government.
Many observers view the current standing as a tacit win for Netanyahu, who would remain as caretaker prime minister until new elections take place and potentially holds a better chance of winning them.
The electoral picture shifted after one of the main exit polls initially projected a lead for Eisenkot's bloc before being revised, allowing Netanyahu to overtake him.
The outcome remains uncertain as current electoral math suggests the grouping may fall short of the seats needed for a secure majority.
With between 430,000 and 480,000 absentee ballots from soldiers and diplomats yet to be counted, it could still take a day or two for the final election results to emerge.
Additionally, several right-wing parties who failed to pass the electoral threshold of 3.25% may attract fewer votes or may not even run, thereby bringing more votes to Likud and its allies.
Netanyahu may also bet that the estimated 70,000 Israelis who flew home from abroad to vote, and are thought to skew against him, wouldn't do so again.