The Spaniard is expected to leave if the Magpies are relegated, but they are keen to stop that happening.
The Spaniard was brought in to replace Steve McClaren back in March and has been a huge hit, turning around their fortunes to give them a chance of avoiding relegation this season.
There is a fear that they may have left it too late though, with this season’s relegation battle between themselves, Sunderland and Norwich City set to go right down to the wire.
Benitez has a break clause in his current contract should Newcastle be relegated and it is felt that he would not be keen on staying in charge in the Championship.
The Magpies are keen to keep him though, and will reportedly offer him serious control across the club to tempt him into staying.
According to the Chronicle report, the manager would take up a place on the club’s board at the end of the season should he decide to stay.
Similarly, he will have free rein over the recruitment of players and will be allowed to transform the club’s ailing structure also, which could prove tantalising for the former Real Madrid boss.