Saudi Arabia's Crown Prince Mohammed bin Salman is looking to buy the north east club for £340m.
And should he managed to acquire the Magpies from Mike Ashley he will look to lure Benitez back to the club, a plan that he has made clear in his proposal to buy Newcastle, says The Sun.
The Spaniard left St.James' Park after more than three years in charge and now manages Chinese Super League side Dalian Yifang.
Benitez claimed Ashley's unfair demands made it impossible for him to remain at the helm.
Saudi Public Investment Fund chiefs, along with a consortium including British brothers David and Simon Reuben, are locked in discussions with Ashley over the potential takeover.