17-year-old prospect Ould-Chikh broke into the Twente side last season, playing 15 Eredivisie games and scoring once.
The Dutch under-21 international is not sticking around, with Voetball International claiming a fee of just £1 million has been agreed with Benfica.
Ould-Chikh's contract was due to expire next summer, and he had earlier been linked with moves to sides in the English Premier League.
Goal.com had claimed just last month that Manchester United and Tottenham had made enquiries over the prospect along with Benfica over the winger, who made his first team debut at just 16.
Voetball International report that the teenager is due for a medical with Benfica, with a five-year deal agreed.
How big a miss could this be?
Bilal Ould-Chikh is just a prospect at this point rather than a ready made star - but for a fee of £1 million Benfica have a bargain.
With Manchester United boss Louis van Gaal's connections in Holland it is perhaps surprising he did not push harder for the under-21 ace, although he the Red Devils are blessed with talent out wide already with Angel di Maria and Memphis Depay.
The Mirror described Ould-Chikh as the 'next Arjen Robben' in a report in April linking him to Manchester United, having impressed at the European under-17 tournament.
Time will tell if Premier League sides regret passing on his signature, but at Benfica he is at an ideal club to play regularly and establish himself further and land a more expensive move later down the line.