Defense News is reporting that the Israelis are negotiating an purchase of four Offshore Patrol Vessels from South Korean ships builders Hyundai and/or Daewoo.
“Navy requirements call for the OPVs to weigh 1,200 to 1,400 tons, sail at a top speed of 24 knots and remain at sea without refueling for more than a week.
“Each ship would be fitted to accommodate one helicopter for search, rescue and evacuation missions and a suite of Israeli-developed combat systems, including radar, electronic warfare, command and control, and self-defense capabilities.”
The ships will patrol the Israeli EEZ. The four ship deal is expected to cost approximately $400M.
Chuck Hill's CG Blog 
The one the Israelis are looking at are the South Korean Navy’s Incheon class frigate. Which is suppose to be the top of the line frigates.
Some info on the Incheon class here.
http://www.navyrecognition.com/index.php?option=com_content&task=view&id=842
Note less than 3,000 tons and includes 5″ gun.
This does not sound like what the Israelis say they are getting. The Israeli ship sounds smaller and simpler.
From what I heard within IDF circles, they are looking at getting a Multi Role Frigate from South Korea and looking at getting the Incheon class Frigate.
I think that is a different requirement. for the OPV discussed above.
They have been looking to add a frigate for a while.
The IDF has been looking for a Multi Role frigate for a long time. I think they may go to South Korea than Germany. The Incheon class frigate is something that the IDF is in talks about.
More background on the mission:
http://gcaptain.com/israels-navy-gears-up-for-new-job-of-protecting-offshore-gas-fields/