Under the nation's Law of Return, Jews living overseas have eligibility to gain Israeli citizenship.
'He filed a request to receive an immigration permit, his documents were checked according to the Law of Return, and he was indeed found eligible'.
His spokesman would not comment on reports citizenship had been granted.
According to the press Secretary of the British Prime Minister, Israeli citizens can enter Britain without visas, reports Radio Liberty.
Worth an estimated £9.3 billion, according to the Sunday Times, Abramovich would become the richest person in Israel and would be exempt from the country's taxes on income earned overseas for 10 years, as well as not being required to declare the source of that income.
He made his fortune in the oil industry in the 1990s in Russian Federation and bought Chelsea in 2003, since when he has helped transform the club into one of the most successful in the Premier League.
It is understood that the British government is reviewing its policy towards the numerous wealthy Russians who have business and property interests in the UK.
And in the bid you were referring to people with Israeli passport they don't need visa to come to the UK.
On his first day as a citizen, Abramovich visited the offices of the technology company StoreDot, of which he is one of the main investors through his firm Millhouse Capital in the United Kingdom.
"Roman Abramovich arrived at the Israeli embassy in Moscow like any other person", an Israeli spokesperson told Channel 10.
Russian and western media reported this month that the British authorities delayed extending Abramovich's visa and linked it to the recent spat between London and Moscow over the alleged poisoning of former spy Sergei Skripal and his daughter in Britain. The Jewish tycoon will live in Tel Aviv's chic Neve Tzedek neighborhood.