Cohen had been in closed-door talks with former US Treasury secretary Steve Mnuchin about joining the former secretary's wealth fund, while heading the intelligence liaison with Qatar, Saudi Arabia and United Arab Emirates (UAE), to which the fund is directed.
However, entering the fund could conflict with the "cooling off" period that Cohen will have to endure for a period of time, as is required by law after retiring.
Cohen, who is friends with Mnuchin, will end his tenure as head of the Mossad next week. The talks between Cohen and Mnuchin began a few weeks ago, however, and a source who spoke with Cohen said that the outgoing Mossad director had not yet made a final decision on joining the wealth fund.
The fund itself is expected to raise money from sovereign wealth funds in the Gulf, such as Saudi Arabia, Qatar and the UAE, the latter two of which are already evaluating cooperation with the Mnuchin Fund, according to sources close to the matter.
Former United States ambassador to Israel David Friedman is also expected to work with the Mnuchin wealth fund.
During Trump's tenure, Friedman worked with Cohen on a range of political and security issues, including relations and the US-brokered normalization agreements between Israel and the Gulf states.
Both Mnuchin and Cohen worked closely with senior officials in Qatar, the United Arab Emirates and Saudi Arabia during their government tenure, visiting these countries frequently.
The Mossad is primarily responsible for relations with Qatar, which heads negotiations between Israel and Gaza.
Following the recent operation in the Gaza Strip, the Mossad worked with the Qataris to convey messages to Hamas. The intelligence agency also played a key role in negotiations for the transfer of Qatari funds to Hamas in the Gaza Strip.This article originally appeared in Walla, and was translated into English by Zachary Keyser.