The People says if Benitez does go, he could be joined through the Anfield exit door by fellow Spaniards Fernando Torres, Pepe Reina, and Xabi Alonso, with Chelsea, Manchester United, Real Madrid and Barcelona all keenly watching developments.
All three joined Liverpool because they wanted to work with Benitez. If he goes, they almost certainly won't stick around.
For Kop fans losing Benitez would be bad enough. To lose Torres, Alonso and Reina too would be a disaster.
Manchester United and Arsenal both tried to bring Torres from Atletico Madrid to the Premier League and failed. He agreed a £21.5m move to Anfield because of his admiration for Benitez and has told friends in Spain that if Rafa goes he will have to think long and hard about his future.
Goalkeeper Reina and midfielder Alonso, both of whom have attracted the attention of Barca and Real, are also unhappy over what team-mate John Arne Riise last week described as a "lack of respect" shown to Benitez.
They, like Torres, are closely watching developments and, while all three are on long-term contracts, the threat is that if Benitez becomes a goner they will make it clear they don't want to stick around.