The decision will likely be made due to increasing coronavirus infection rates in the country and will lead to thousands of Israeli tourists requiring to be quarantined and thousands of others to cancel their planned vacations to Greece.
Meanwhile, the Foreign Ministry is holding discussions with Cyprus to allow Israeli tourists to enter the country without requiring quarantine. Cyprus is considered a green country but considers Israel a red country.
Tens of thousands of Israelis have flown to Greece since flights were reopened earlier this year.
"In light of the situation, we estimate that by the end of the month it will turn red," said senior officials to Channel 12. "However, despite our concern [about the disease] – it is likely that there will also be political and economic pressure to keep it green, since turning Greece into a red state – will cause economic and political damage, following the festive agreement in August."
There are also concerns that Greece will make the decision to close its doors to tourists due to rising infection rates around the world.
As of Wednesday evening, there were 34 countries that were considered green countries, including Australia, Greece, Serbia, the UAE, Italy, Canada, Japan and Rwanda.