The Sun says Shelvey, 25, could be sold to a Premier League rival in the window as the Toon sweat on completing a takeover in time to bring in fresh cash.
Shelvey has had a mixed season but could attract offers of around £10 million, with the likes of West Ham and Crystal Palace interested.
Hammers boss David Moyes reckons the creative star would improve his side as they battle for Premier League survival.
Meanwhile, Benitez's side now head to Stoke to see in 2018 but know they are teetering on the brink of the relegation zone.
When asked if his side were now under more pressure, the Spaniard said: “No. It's clear that we will have a similar situation until the end of the season, so the main thing is the message that I gave before: we have to stick together, stay calm and keep working hard, that's it.
“It's not a secret.
“That's the only way for us."