The Frenchman had played alongside his former co-star for nine years at the Bernabeu before Ronaldo’s shock exit this month.
The 33-year-old has opted to seek a new challenge, attempting to conquer Serie A with Juventus.
But according to the Daily Mail, Benzema may be up against Ronaldo in Italy next season.
The publication claims Carlo Ancelotti is desperate to reunite with the striker at Napoli, with the club already preparing to launch a €45m (£40m) bid.
The Italian boss, who only took over from Maurizio Sarri this summer, is keen to bolster his attacking line after Juventus further strengthened their grip on Serie A with the purchase of Ronaldo.
Ancelotti and Benzema worked together for two years at Real Madrid between 2013 and 2015, striking up a good relationship in the Spanish capital.
Benzema has scored 182 goals in all competitions for Los Blancos, but only managed to find the net 10 times in La Liga and Champions League fixtures last season.
The 30-year-old still has three years remaining on his Madrid deal.
But the La Liga outfit may decide to cash in as Julen Lopetegui starts the revamp of his squad.
Madrid have been heavily linked with Eden Hazard in recent months.
And Valencia striker Rodrigo is also being eyed by club officials.