The deal is said to be worth £3.47 million over a 2.5-year period, making it one of the most lucrative contracts in the club's history. Talks were reportedly held between Benitez and Panathinaikos club president Giannis Alafouzos in London on Sunday evening. This news comes after Benitez was spotted with Forest owner Evangelos Marinakis, who has been involved in a number of managerial changes recently.

In a previous interview, Benitez expressed his desire to return to coaching and to stay within Europe. He stated that being considered a "legend" can be both a positive and a negative, as it can make him appear retired and no longer interested in coaching. However, he emphasized that he is still evolving and eager to continue his coaching career.