The Ecuador international only showed glimpses of his undoubted talent during his first stint in English football but has excelled since leaving St Andrew's.
He has spent the past couple of seasons in Mexico with Club America and has caught the eye with his performances and prolific goalscoring.
A number of other Premier League clubs are also thought to be tracking the progress of the 27-year-old, with Tottenham Hotspur among those to have recently been linked with a move.
There has also reportedly been interest from Atletico Madrid in Spain, and his future could soon be resolved.
It is understood that Benitez's agent has flown to the UK for talks with clubs who are considering a move.