If Benitez is satisfied that the club's ambitions match his own, then he will commit his future to Newcastle.
The former Braga boss, who has won back-to-back league and cup doubles since joining Shakhtar in 2016, said: "I'm very happy. Now we need to work hard to continue winning both domestically and internationally".
His camp should not denying an curiosity within the West Ham place however it is usually thought their choice is to barter the most effective phrases to see Newcastle compete within the high half of the Premier League subsequent season.
But chairman David Sullivan has decided the east Londoners need to move in a "different direction" with a "high-calibre figure".
Although he is resisting the temptation to leave, Benitez would be intrigued by the West Ham job if he can not reach a satisfactory agreement with Newcastle.
Shakhtar president Rinat Akhmetov said on the club website: "Paulo Fonseca is at Shakhtar and I'm delighted with that".
"This shows that Shakhtar made the right decision two years ago by appointing Paulo and his assistants". Now everything will go wrong with Shakhtar, there will be problems.
However, we have also learned they do not think the clause which states he must pay a year's salary if he breaks his contract is an obstacle to leaving the club.
It was previously reported that "Miners" suggested the coach to extend the contract for two years, but he is waiting for offers from clubs in the English Premier League.
On who should replace Moyes, Hislop added: "I do [like the idea of Pellegrini], if you can get him".