McClaren's position at Newcastle has been the subject of intense speculation since last weekend's 3-1 home defeat to Bournemouth with a club fans' forum demanding "action" as they have lost five of their six matches and are second from bottom of the Premier League with just nine games left.
Newcastle managing director Lee Charnley was scheduled to hold a meeting with McClaren about his future on Wednesday, but that conversation ended up taking place over the phone, with McClaren's future in limbo.
Benitez has been out of work since January after being sacked by Spanish giants Real Madrid following seven months in charge at the Bernabeu.
The 55-year-old, who still lives in the North West of England following his six years in charge of Liverpool, has never hidden his desire to manage again in the Premier League and could return on a short-term deal with the option of a longer stay if he keeps Newcastle up.
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