The report also states the Newcastle United manager has the betting odds of 5/1 while Neil Lennon, the Hoops caretaker manager, tends to be the favourite with 10/11.
Lennon took the charge after Brendan Rodgers left the Park Head midway through the season.
Benitez would be an interesting choice for the Scottish side given his remarkable achievements in history.
The Magpies boss successfully led his side to earn promotion to the Premier League last season.The 58-year-old has worked with some of the biggest clubs in Europe and hasn’t stepped foot in Scotland till now.
His notable spell was with Liverpool when he led them to Champions League glory in 2005-2006 and also the UEFA Super Cup in 2005.
The Spaniard had also enjoyed success in Serie A with the clubs Inter Milan and Napoli as he led both of them to lift the Italian Super Cup.
The Hoops are in search of new full-time manager despite Lennon’ successful run since taking the charge.
The former Celtic captain has led his side to three wins in which two of them were decided at injury time.
The results have made the Hoops to go ten points clear of their arch-rivals Rangers. Lennon awaits his biggest test yet in the Old Firm derby this week.
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Furthermore, they will be facing Aberdeen in the Scottish Cup semi-final which is to be played next month.