The 58-year-old provided Newcastle with a detailed list of targets in December, but the Magpies have yet to capture any of them.
With the end of the January transfer window approaching, Benitez is at breaking point, report the Telegraph.
It’s claimed if Newcastle fail to back Benitez with new signings, the Spaniard will refuse to accept a new contract and walk away from the club in the summer.
Benitez’s tenure at Newcastle has seen its fair share of ups and downs.
After being appointed to the club in 2016 he was unable to save them from relegation from the Premier League, despite overseeing a six-game unbeaten run towards the end of the season.
The following year he guided Newcastle to the Championship title and in doing so secured a return to the top flight.
However, the lack of investment in the squad by club owner Mike Ashley has continually annoyed the manager.
One possible January target for Newcastle is Atlanta United playmaker Miguel Almiron.
The Magpies still have a £16million offer on the table for the Paraguay international, but it’s substantially short of the £30m valuation the US club has put on its midfielder.
As a result, Newcastle are reportedly focusing their efforts on loan signings as there aren’t available funds for permanent deals.
In the loan market they are targeting full-back Milad Mohammadi, an Iran international, Lyon striker Martin Terrier and Juventus forward Moise Kean, but nothing as yet has been agreed regarding these players. (just moved full-back to before the first guy’s name, reads a bit smoother)
At the end of last year’s summer window Newcastle came away with a £20m profit following the sale of Aleksandar Mitrovic to Fulham and the lack of reinvestment of these funds into the club has angered fans.
Ashley, who bought the club in 2007, announced in December he was “hopeful” of selling the club.
But following weeks of negotiations talks concluded in January without an agreement.
Newcastle are preparing to receive their television money before the end of January, which is expected to be around £55m.
Benetiz will be hoping the club opens its purse strings before the end of the month and perhaps even break their transfer record – which still stands at the £16.5m paid for Michael Owen in 2005 – or that could signal the end of his time on Tyneside.