The local rivals meet at Stamford Bridge on Sunday with both coaches having faced the wrath of their own fans in recent weeks due to disappointing results.
However, Benitez is convinced that his counterpart at the Emirates Stadium is arguably the best manager in the last decade of the Premier League.
"Arsene is one of the best managers, if not the best manager, in England over the last few years, with what he achieved and the way they do things," the Spaniard told reporters.
"To manage a club with common sense, to have a good manager like Arsene, used to be fine and you could achieve things. Now it's a different world with clubs with big money."
Chelsea will start the weekend in third place in the Premier League table, while Arsenal currently occupy sixth place.