According to transfermarketweb.com Arsene Wenger has identified the Frenchman as an ideal target to bolster his forward options.
Although a regular at Real Madrid at present, Benzema could move on if Real make a move for Radamel Falcao, who has been linked with a move from Atletico Madrid.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.