Spanish publication Marca have indicated that Madrid president Fiorentino Perez is expected to officially announce the news on Monday evening.
Meanwhile, Los Blancos legend and Madrid’s B-team Castilla coach Zinedine Zidane is touted as the favourite to succeed the outgoing Benitez.
Another reason for the Spanish tactian’s dismasal is believed to be his quarrelsome relationship with some of the big-name players in the dressing room.
The Spanish giants are currently one point adrift of La Liga leaders and arch rivals Barcelona, with 21 points from nine games, but were notably disqualified from the Copa Del Rey – depsite a 3-1 first-leg victory – for fielding an inelligible player against Cadiz.