The Spanish boss has been a huge hit at St James’ Park since replacing Steve McClaren at the club in March.
He has seen them turn around their form to give themselves a chance of survival, and they are now sitting outside the relegation zone.
However, should the Magpies be unable to avoid the drop, Benitez has a well-publicised break clause in his deal that will see him be allowed to leave.
It is widely believed he would depart should they be relegated, and Shepherd has urged them to make an offer he can’t refuse to stop it happening.
“They have to make him an offer he can’t resist,” he told Sky Sports.
“It’s as simple as that. I know that’s a bit blunt but it’s a simple as that with managers; you have to make them an offer they can’t refuse. I think he would love to stay.”
The Magpies will certainly be keen to keep Benitez given impact he’s enjoyed since his arrival.
He has always managed at the higher levels of the game though, and it is unlikely he will fancy a tough campaign in the Championship next year.
However, a positive sign is that he is already moulding the squad, having released two players and handed Paul Dummett a new deal this weeks alone.