There are reports that Benitez will walk away, as it seems unlikely the club will be sold before the summer transfer window.
The Spaniard is not happy at the lack of investment under Mike Ashley.
According to the Chronicle Live, there are rumours that Newcastle are speaking about Lyon boss Bruno Genesio.
However, Newcastle officials told the source they want to give Benitez every chance to renew and stay beyond this season.
Most at Newcastle are aware they are not in the relegation zone because of Benitez and his ability to get results with limited resources.