Benitez criticised a section of the Chelsea support this week, sparking speculation that he would leave before the end of the season.
According to The Telegraph Grant has been monitoring the situation and would be willing to come in at short notice, because he "really, really wants to help his friends" at Chelsea.
The 58-year-old was sacked in 2008 but has remained close with many club officials and speaks to them on a regular basis.
The report suggests that Chelsea may want to bring in Grant until the end of the season, in order to ensure a top-four finish in the Premier League.
Benitez did insist this morning that everything is fine at the club.