Benitez is reportedly in talks to remain at St. James' Park.
The Spaniard signed a three-year deal at St. James' Park in March, but a clause allowing him to move on if Newcastle went down has left many fans facing an anxious wait.
Their hopes were boosted by a report in the Daily Mail in Tuesday, which claimed Benitez had verbally agreed to stay on on Tyneside.
Despite this, a formal announcement has not yet been made.
However, according to Balague on Twitter, Newcastle fans can be optimistic over their manager's future.
"If I was a Newcastle fan, I would be very optimistic," he posted. "Pretty sure it's all on the table and resolution soon."
If I was a Newcastle fan, I would be very optimistic. Pretty sure it's all on the table and resolution soon https://t.co/XeiYfuHNio— Guillem Balague (@GuillemBalague) 20 May 2016
Benitez, who managed both Liverpool and Chelsea to European glory and began the campaign at Real Madrid, has never before managed in the English Championship.
However, he has twice led teams into the Spanish top flight, though his last experience in any second tier was 15 years ago.
The last time Newcastle were relegated they bounced back as champions at the first attempt.