Benitez appears to be edging towards opting to stay at St James' Park and lead the fight for promotion back to the Premier League, after coming up short in his 10-game mission to secure survival.
However, although he is considering staying on after holding talks with owner Mike Ashley and managing director Lee Charnley over the last week, the door remains open for another opportunity to come his way.
Benitez sought a series of assurances in those talks and has been encouraged by what he has heard in response, according to Press Association Sport, and has already cast a glance over a series of potential transfer targets.
But there was an acceptance on his arrival that the break-clause negotiated in his three-year contract would almost certainly be activated in the event of relegation and, while club officials remain cautiously optimistic, formal agreement is yet to be reached and discussions are ongoing.
In the circumstances, the Magpies will not rush the Spaniard for an answer and risk forcing his hand in the wrong direction, but will hope their willingness to give him as much as they can of what he wants will prove decisive.
Should Benitez agree to remain at the helm, Newcastle will start afresh, having abandoned the head coach model and returned control to the manager, although reports of chief scout Graham Carr's impending departure are yet to be confirmed.