The 24-year-old, who is contracted to Nurnberg until 2014, will end the campaign in his home country before returning to the Bundesliga club next season.
"Almog approached us and asked if we would loan him to Tel Aviv for half a year," said Nurnberg's director of sport Martin Bader.
"We have granted him this wish."
Cohen has made 58 Bundesliga appearances for Nurnberg since joining from Maccabi Netanya in 2010.
The transfer window in Israel is still open until Wednesday, enabling him to move even though the opportunity to trade players in Germany closed last Friday.