In a video statement released by his office, Mr Netanyahu said: "A week ago I was fitted with a monitoring device. That device beeped this evening and said I must have a pacemaker and that I must do this already tonight.
"I feel great, but I need to listen to my doctors."
The 73-year-old will undergo the procedure at Sheba Medical Centre in Tel HaShomer, his office said, and he is expected to be discharged on Sunday afternoon.
A week ago, Mr Netanyahu was rushed to hospital after suffering from a dizzy spell, due to spending the day in 40C (104F) heat.
A "preliminary assessment" by doctors suggested he had suffered from dehydration, but later test results showed he was "in complete cardiac health", and Mr Netanyahu's office said he was feeling "very good".
