The new contract will include a £47.7m release clause to warn off any interested teams, according to talkSPORT.
Everton and Chelsea have both been linked with bids for the Paraguayan in recent months but Cardozo is now ready to commit his future to Benfica.
The 29-year-old arrived in Portugal in 2007 and has scored 131 goals in 217 appearances.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Sporting Lisbon | 30 | 26 | 2 | 2 | 87 | 27 | 60 | 80 |
| 2 | Benfica | 30 | 23 | 4 | 3 | 68 | 24 | 44 | 73 |
| 3 | Porto | 30 | 19 | 5 | 6 | 55 | 24 | 31 | 62 |
| 4 | Braga | 30 | 19 | 5 | 6 | 63 | 41 | 22 | 62 |
| 5 | Vitoria de GuimaraesGuimaraes | 30 | 17 | 6 | 7 | 45 | 32 | 13 | 57 |
| 6 | AroucaArouca | 30 | 13 | 5 | 12 | 51 | 40 | 11 | 44 |
| 7 | MoreirenseMoreirense | 30 | 12 | 7 | 11 | 30 | 34 | -4 | 43 |
| 8 | FamalicaoFamalicao | 30 | 8 | 12 | 10 | 33 | 38 | -5 | 36 |
| 9 | Casa Pia | 30 | 8 | 8 | 14 | 30 | 43 | -13 | 32 |
| 10 | SC FarenseFarense | 30 | 8 | 7 | 15 | 39 | 44 | -5 | 31 |
| 11 | Rio AveRio Ave | 30 | 5 | 16 | 9 | 32 | 38 | -6 | 31 |
| 12 | Gil Vicente | 30 | 8 | 7 | 15 | 37 | 48 | -11 | 31 |
| 13 | BoavistaBoavista | 30 | 7 | 9 | 14 | 35 | 56 | -21 | 30 |
| 14 | Estoril PraiaEstoril | 30 | 8 | 6 | 16 | 45 | 52 | -7 | 30 |
| 15 | Estrela Amadora | 30 | 6 | 11 | 13 | 32 | 46 | -14 | 29 |
| 16 | PortimonensePortimonense | 30 | 7 | 7 | 16 | 34 | 64 | -30 | 28 |
| 17 | ChavesChaves | 30 | 5 | 8 | 17 | 30 | 62 | -32 | 23 |
| 18 | Vizela | 30 | 4 | 9 | 17 | 29 | 62 | -33 | 21 |
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