The Toffees have endured a disappointing start to the season, with the club sitting in 16th place in the Premier League table and having failed to with either of their group fixtures in the Europa League.
Ronald Koeman has been left trying to save his job at Goodison Park but according to The Sun, Everton are already considering potential replacements for Dutchman.
Benitez - who has previously enjoyed a stellar spell at Everton's Merseyside rivals Liverpool - is said to be a realistic option for the club's hierarchy if Koeman does not instigate a return to form in the near future.
The Spaniard is attempting to reestablish Newcastle as a top-10 club in the first tier of English football, but the 57-year-old still has a house on Merseyside and may be attracted to the funds on offer to turn Everton into a team who can compete for a Champions League place.
Benitez has been with Newcastle since March 2016, recording 39 wins from 72 matches in all competitions.