"Iran gives practically nothing and it gets a hell of a lot," Netanyahu said Sunday on CBS' "Face the Nation."
His comments came after talks on Saturday between world powers and Iran failed. The negotiations have sought to limit Iran's ability to build nuclear weapons in exchange of easing economic sanctions.
But Netanyahu said he is concerned that any deal could benefit Iran.
"Some of them say it aloud, some say it behind closed doors, but I'll tell you this is the broad feeling here, broad feeling, that Iran might hit the jackpot here. And it's not good. It's not good for us, it's not good for America, it's not good for the Middle East, it's not good for Europe either," Netanyahu said.
Former Defense Secretary Leon Panetta, who also appeared on "Face the Nation," said the United States must take caution.
"We've got to be very skeptical," Panetta said. "Iran is a country that has promoted terrorism. They've had a hidden enrichment facility that we had to find out about. So we've got to be skeptical and make sure that, even with some kind of interim agreement, that we know what the next steps are going to be in order to ensure that they really do stand by their word."