It's understood that Benitez would prefer to stay at Newcastle but wants assurances over his summer transfer budget.
It is expected that the contract will be signed in the coming days, and the annual salary is 45-year-old Portuguese will be 4 million euros.
Newcastle would receive £6m in compensation if West Ham were able to lure Benitez to London.
Guillem Balague says Arsenal are interested in Rafa Benitez
However it serves to focus on Benitez's frustration that such a state of affairs has been talked about since final summer time.
Benitez is now in talks with managing director Lee Charnley about a new deal - with the current one expiring in 2019 - but as the Chronicle reports, interest from West Ham United in the Spaniard is holding things up.
It was previously reported that "Miners" suggested the coach to extend the contract for two years, but he is waiting for offers from clubs in the English Premier League.
This iPhone X is more expensive than Gold-engraved iPhone editions
A gold button on the case can be pressed to deliver a charge to the iPhone X's internal battery. It costs a whopping $4,500 or $4,800 if you want 256-gigs of storage.
In a recent statement West Ham revealed that they were eager to appoint a "high-calibre first-team manager who has a proven record both in the Premier League and European football", and Pellegrini definitely fits into that bracket.
It was in July of previous year that Benitez urged Ashley to "keep his word" over transfer funds and reminded him that he could have quit the club for a mega-money deal in China.
'Everything is in place to move forward. He said that he would give us every last penny so hopefully he will do it and I'm confident that he will.
Vietnam concerned over tension in Gaza after USA embassy moved to Jerusalem
It called for an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul which is to be held tomorrow. On Wednesday, a senior Hamas official, Salah Bardawil, claimed 50 of the people killed on Monday were its members.
He mentioned: 'After I had the assembly with Mike Ashley (in Might, 2017) I used to be assured that we now have the cash obtainable and the wages.
Rafa Benitez has made it clear in many press conferences that he has taken that he can work to many plans and he has stated that it isn't always necessary to spend vast amounts for the sake of it.
Oil traders, Keep An Eye on the UK Brent Crude Oil
Oil's rise to $80/bbl is stoking concerns that the price rally will erode demand, but OPEC's giants so far aren't anxious . At 432.4 million barrels, US crude oil inventories are in the lower half of the average range for this time of year.