The United States and Israel have agreed on a record new package of at least $38 billion in US military aid over a 10 year period.

The 10-year pact is expected to be signed within days after months of negotiations, sources close to the matter told Reuters on Tuesday.

The deal will represent the biggest pledge of US military assistance ever made to any foreign party, according to officials on both sides.

Tense and lengthy negotiations over the new military deal have highlighted continuing tensions between US President Barack Obama and Israeli Prime Minister Benjamin Netanyahu over the nuclear agreement with Iran last year.

The officials said Netanyahu has granted major concessions. He has agreed not to seek additional funds from Congress beyond what will be guaranteed annually in the new package.

The new agreement also prevents Israel from spending part of its American aid on its own weapons industry instead of on US-made arms.

The deal requires at least $3.8 billion in annual aid, up from $3.1 billion per year under the current pact, which expires in 2018. Israel had originally requested at least $4.5 billion a year.

The new package will include money for Israeli missile systems, which until now has been funded separately by Congress. American lawmakers have given Israel about $600 million in annual funds for this purpose in recent years.

Israel is the largest cumulative recipient of US foreign assistance since World War II. America's military assistance to Israel has amounted to $124.3 billion since it began in 1962, according to a recent congressional report.

By Press TV