The decision has been made, and it seems the most reasonable. The International Tennis Federation, ITF, has decided that due to the current situation in Israel, the Davis Cup play-off starring the Israeli team against Argentina, will have to relocate to grant the safety of the players involved.
Here is the ITF statement: "The ITF's Davis Cup Committee has unanimously agreed that, due to concerns arising from the military conflict between Israel and Hamas, it is not advisable at this time for Israel to host Argentina in their Davis Cup by BNP Paribas World Group play-off tie, scheduled for 12-14 September at the Nokia Arena in Tel Aviv". According to the ITF there is no certainty about the fact that the conflict will be terminated by the month of September, therefore no risk can be taken.
What happens next is that Israel can choose a neutral venue, according to the Davis Cup regulations, where it prefers to host the tie. To have the choice, the Israeli Tennis Association has 5 days to communicate to the ITF its choice, through an application process.
If the Israeli Tennis Association fails to do so, the ITF can decide to choose either a neutral venue or to move the tie to Argentina, where it will be once again the ITF that will have the final decision on which venue to select to host the event.