According to reports, the club captain will sign a staggering £172 million yearly contract to play for Saudi Pro League champions Al-Ittihad.
The French striker has been a crucial member of Los Blancos' all-conquering side for more than ten years, and even if injuries have curtailed his appearances this season, he is still the club's leading scorer across all competitions.
Carlo Ancelotti will need to be resolute in the summer to make sure that Madrid can appropriately replace a key player in the team's recent success who is leaving.
It won't be simple to find a forward who can match the Ballon d'Or winner's prolific production in the Spanish capital, but Real have the resources to be able to find a suitable replacement.
Here are five athletes who could take Benzema's spot in Madrid.
H. R. K.
The second-highest goal scorer in the Premier League would be the ideal Benzema replacement, especially as it appears he will leave Tottenham this summer after another trophyless campaign in North London.
Ancelotti is allegedly interested in signing Kane as well, and the manager raised the subject of a transfer at a meeting with club executives earlier this month.
In order to recruit the 29-year-old during the summer transfer window, the club would certainly face fierce competition from a number of other suitors, with Manchester United apparently keen to sign the Spurs star.
K.L. MBAPPE
There is no player more fit for a move to Madrid than PSG captain Kylian Mbappe, a team known for its Galactico signings.
The 24-year-old World Cup winner, who has already won six Ligue 1 championships and scored more than 150 goals in the tournament, is probably the brightest talent in football. He has also shown that he is unstoppable in France's top division.
Mbappe has toyed with the idea of moving to Real in recent years, and a deal seemed to be finalized last summer when he stated he had declined the offer to 'create his own story' and win his first Champions League trophy with Les Parisiens.
However, despite another incident, Mbappe's relationship with the club's hierarchy has remained strained.
VIRGINIA OSIMHEN
None of the players have shone as brilliantly as Victor Osimhen throughout Napoli's remarkable run to the Serie A championship this season.
Osimhen, who scored consistently but not spectacularly in his first two seasons with the club, has excelled for Luciano Spalletti's team this year and is on pace to win Serie A's top scorer award with 25 goals in 31 games.
Osimhen's contract at the Stadio Diego Armando Maradona has two years left, so the team might try to cash in on the Nigerian international this summer by acting quickly.
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