Hashem Safieddine, a powerful cleric within the party ranks, was expected to succeed Hassan Nasrallah, who was killed in a different Israeli airstrike in September.
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The Israeli military said it killed Hashem Safieddine, a top Hezbollah official widely expected to become the group's next leader, in a strike on Tuesday.
According to them, he was killed earlier this month in an airstrike in southern Beirut not long after the killing of Hezbollah's former leader, Hassan Nasrallah.
There was no immediate confirmation from the militant group about Safieddine's fate.
The strike that killed Saffieddine also killed 25 other Hezbollah leaders, according to Israel, whose airstrikes in southern Lebanon in recent months have killed many of Hezbollah’s top echelon.
The Beirut suburb where Safieddine was allegedly killed was pummelled by fresh airstrikes on Tuesday, one of which levelled a building Israel said housed Hezbollah facilities.
Last week, Israel killed Yahya Sinwar, one of Hamas' top leaders and the architect of the 7 October attacks in Israel, which sparked a devastating year-long conflict in the Gaza Strip.
Hours after Sinwar was killed, foreign leaders reiterated their calls for a ceasefire, saying his death opened up a new opportunity for talks to continue.
Since then however, both sides have buckled down on their demands, with Hezbollah announcing Sinwar's death marked the start of an "escalating" phase in the conflict.
Iran, which backs Hezbollah, called Sinwar an "inspiration" and said his death would only strengthen the groups.
Fighting on all sides hasn't ceased since his death, with Israel continuing its ground incursion into southern Lebanon as it continues to fight in northern Gaza, where humanitarian groups have warned of a humanitarian catastrophe.