The 50-year-old is not even on the bookmakers' radar when it comes to picking a successor to Carlo Ancelotti at Stamford Bridge, yet Madrid newspaper Marca claim Benitez is the favourite if the Blues sink any further.
Weighing up his options: Benitez is taking a break after being sacked by Inter
After being sacked by Inter Milan just before Christmas, the former Valencia boss is thought to be keen on a break before taking another job - unless there is an offer he can't refuse.
Chelsea would be such an irresistible prospect, though Benitez is surely the wrong Spaniard. Roman Abramovich is said to be a huge admirer of Barcelona's swagger and reports linking Chelsea to Pep Guardiola refuse to go away.
Not happening: Chelsea players react to defeat by Arsenal this week
Ancelotti is under contract till the end of next season and has been told he is under no immediate threat, but six Barclays Premier League matches without a win going into the fixture against Bolton have inevitably raised questions.
Benitez still has a home in Merseyside and would be receptive to working again in England after failing to settle in Italy.
Chelsea out of control: Woe deepens for Ancelotti's men after Arsenal defeatBenitez earns £6.5m for being fired from Liverpool and Inter MilanCHELSEA FC