The Spaniard has made it clear that his heart tells him to remain in charge of Newcastle next season, but he has admitted that he has not made a decision yet.
"My heart is telling me yes, it is a great opportunity, city and club," the former Chelsea and Liverpool boss told BBC Sport. "But my brain is saying to analyse what is going on.”
Newcastle are one of the biggest clubs in England, but they have been relegated from the Premier League and will play in the Championship next season.
The club’s fans have made it clear that they want Benitez to remain in charge, but it is hard to imagine someone like him managing a club in the Championship.
The Spaniard has won the Champions League, and has managed Napoli and Real Madrid, and is one of the best tacticians there is in modern football.
Newcastle ended their 2015-16 Premier League campaign on a winning note, hammering Tottenham Hotspur 5-1 at St. James’ Park on Sunday afternoon.
The Magpies have finished third from bottom in the league table with 37 points from 38 matches.