The La Liga winning manager has left Chinese side Dalian Professional, and wants a move back to a European club.
While there will be many teams after Benitez, journalist Balague did rule out two of the many options.
“Newcastle is not an option for Rafa Benitez under this owner,” said Balague, per BBC Sport.
“Change the owner and then maybe.
“Rafa has a huge respect for the fans, the club, the town. And I feel there is a bit of an unfinished business there.”
Balague also ruled out Benitez taking over from Neil Lennon anytime soon, hinting that the Spaniard would not return to management until next season.