The 24-year-old has one season remaining on his contract at Easter Road but has accepted an offer to join Egyptian champions Al Ahly.
Benjelloun, who spent last season on loan in Belgium, was expected to return to pre-season with Hibs, but instead he looks set to leave the club.
Benjelloun told the Daily Record: "I have opted for Al Ahly as the Hibs chairman (Rod Petrie) wants to profit from my transfer.
"I wanted to do the club a favour, especially as my contract will be up next year.
"They welcomed me and opened the doors to professionalism to me.
"Al Ahly are a big club full of internationals. They will enable me to improve as a player."
Benjelloun claims German side Bochum and Austrian outfit Salzburg were interested in his services, but he had already agreed a return to Africa.
He added: "Bochum and Salzburg also made offers for me. But I had already agreed in principle to join Al Ahly."