Taiwo joined AC Milan from Marseille in the summer of 2011, but has failed to make the expected impact at the San Siro.
The 27-year-old spent time on loan at Queens Park Rangers last season.
“If Benfica are considering signing me for the next season, then I can only thank them for showing an interest in me,” Taiwo told O Jogo.
“My plan is to develop and improve myself every year and next season it will also be like that. Benfica would be a good club for me to develop and improve myself.”
Taiwo’s current contract with AC Milan is set to expire in the summer of 2014.