A Bola reports that Chelsea boss Jose Mourinho is keen to bring the stirker to Stamford Bridge.
Mourinho and Benzema worked together at Real Madrid, before the Portuguese manager returned to Chelsea.
Benzema has failed to score in his last five La Liga fixtures for Real 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.