The Athletic are reporting that Everton will confirm Benitez as their new manager today.
The former Liverpool and Chelsea manager has reportedly agreed a three-year contract at the Toffees.
The Spaniard will replace Carlo Ancelotti, who left his role at Goodison Park earlier this month to return to Real Madrid.
Ancelotti was appointed as the Everton manager in December 2019.
Benitez was in charge of Liverpool from 2004 until 2010 and guided the Reds to Champions League and FA Cup success.
The 61-year-old has been without a managerial role since January 2021 when he left Chinese Super League club Dalian Professional by mutual consent.