"I am sure that in this case, too, the relevant authorities, after examining things, will arrive at the same conclusion - there was nothing because there is nothing", he said.
Earlier this year, investigators also recommended that Netanyahu be tried for allegedly taking almost $300,000 worth of gifts including expensive cigars and champagne from wealthy friends including Hollywood producer Arnon Milchan and Australian billionaire James Packer.
Israeli media say the 69-year-old prime minister has been questioned by investigators a number of times.
Mr Netanyahu rejected the allegations in what is known as Case 4000.
In one, allegations against Netanyahu include seeking a secret deal with the publisher of Israel's top-selling newspaper Yediot Aharonot to ensure positive coverage in return for pushing forward a law that would have limited the circulation of a rival.
Police said there was evidence to charge Netanyahu with bribery, fraud, breach of trust and unlawful acceptance.
Police are also recommending charges be brought against Elovitch and members of his family.
The Israeli attorney-general will now have to decide whether to bring charges in the case.
In coming months, the PM could find himself in the throes of early national elections after the departure last month of a key coalition partner left his Government teetering on the edge.
Netanyahu argued there was nothing suspicious or illegal with him being in contact with major media outlets owners after police recommended indictment for bribery over allegations that he pushed regulations benefiting Bezeq telecoms in exchange for positive coverage from its Walla news site.
The police recommendations do not have any immediate impact on Netanyahu.
Israel must hold its next election by November 2019.
However, he may want to seek a renewed mandate from the people to force a prosecutor to think twice before indicting him.
It's up to the attorney general whether to indict. Information leaked to the Israeli media suggested the agreement would have allowed the Prime Minister to receive more favourable coverage from the newspaper if he agreed to weaken the status of rival daily newspaper Israel Hayom, owned by USA casino magnate Sheldon Adelson.
Two senior advisers have turned state witnesses and have allegedly provided authorities with incriminating evidence.
Following the latest statement from police on Sunday, opposition politicians once again called on Netanyahu to resign.
Mr Netanyahu held the government's communications portfolio until previous year and oversaw regulation in the field.