Benitez’ deal is due to expire on June 30, and his stance reportedly depends on how much control he is given over transfers.
One possible destination for the Spaniard is PSG, with Thomas Tuchel likely to lose his job after their cup final defeat to Rennes on Saturday.
PSG are desperate for Champions League glory, and believe that Liverpool’s 2005 triumph under Benitez gives him a good chance of repeating that success in France.
Former Newcastle striker Michael Owen revealed last week that he cannot see the issues between the manager and the owner getting resolved before his contract expires.
Rafa Benitez won the Champions League with Liverpool in 2005 (Image: GETTY)
Thomas Tuchel is on the brink after PSG's cup final defeat (Image: GETTY)
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“I don’t think it’s necessarily about how much he gets,” Owen said on BT Sport when asked if Newcastle’s transfer budget could be an issue for Benitez.
“I think it is more a case of the power that he has and the overall control of the transfer, that is what I am led to believe.
“That is not normally what happens as clubs any more, that’s what used to happen, but it’s not what happens anymore.
“There are transfer committees, there are lots of difference hoops that you have to jump through before a player can get signed and Rafa doesn't like jumping through these hoops.”
Mike Ashley and his team have failed to agree a deal with Benitez (Image: GETTY)