Benitez would be given a multi million Pound severance package to quit Anfield.
Benitez took charge of Liverpool in 2004 and has won only 2 major trophies since then.
He won the UEFA Champions league in 2005 and the FA cup in 2006.
Liverpool are now in £351million debt and are placed up for sale by the owners.
Key players like Captain Steven Gerrard, Fernando Torres and Javier Mascherano are already linked to be on their way out.
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