The Anfield board were last night locked in talks with him over the size of his pay-off.
Benitez's six-year rule is ending with Inter Milan being desperate to sign him, as revealed exclusively in The Sun.
He was offered Ј3m to leave but refused as his contract - which has four years to run - guarantees Ј16m.
The Benitez era became doomed when Liverpool chiefs felt he had lost the support of senior players.
And he realised the end was close after again meeting chairman Martin Broughton and managing director Christian Purslow.
The Spaniard, who led Liverpool to Champions League glory but did not win the Premier League, was furious to learn there was little cash to spend.
Candidates for the job are Croatia boss Slaven Bilic, Turkey chief Guus Hiddink, Benfica's Jorge Jesus and Fulham's Roy Hodgson.
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