A lot has been made of what will happen with the Magpies in the summer and whether Ashley will splash the cash in order for the club to compete.
Benitez has done a wonderful job in recent seasons and during this campaign, he once again secured their status in England's top-flight despite working on a small budget.
Former Liverpool defender Lawrenson seemingly backed Ashley's idea in spending little because he believes going that extra mile won't result in big rewards.
"We already know Magpies owner Mike Ashley is never going to splash the cash, because he could give Benitez £100m and he is realistically only going to finish seventh, at best," Lawrenson told BBC Sport.
"They are halfway up the table right now, so how many more places up the table are they going to get as a return for his money?
"That is Ashley's way of thinking. He is a businessman and Newcastle made an £18.6m profit last season, so he is never going to agree with the fans urging him to spend."
Newcastle will be looking to end the season on a high when they travel to already-relegated Fulham on Sunday in what is the final game of the season.
The likes of Salomon Rondon, Fabian Schar and Matt Ritchie have thrived for the club this term, with Benitez being the mastermind behind their survival.
But the North East club will want to push on and prove their worth even further next term and possibly finish in the top 10 if their summer business is successful.
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