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Rafa Benitez is reported to be in the process of negotiating a severance package with Liverpool that will see him leave the Anfield club within the next 48 hours.

News broke of Benitez’s likely departure on Wednesday night, with the Spaniard believed to be on the brink of leaving the club after a disappointing 2009-10 campaign.

An early exit from the UEFA Champions League was followed by a failure to qualify for next season’s competition, after finishing seventh in the Premier League.

It has been reported that it would cost the club about £16m to pay off Benitez, who moved to Anfield in June 2004. But they are currently pursuing a compromise package that is believed to be worth several million pounds.

Reports emanating from the Merseyside outfit have suggested Benitez has lost the support of senior figures within the dressing room, with key duo Fernando Torres and Steven Gerrard linked with summer departures.

Sky Sports has learnt that Benitez will likely confirm his exit within the next 48 hours, although his agent is refusing to comment on the speculation.

His agent, Manuel Garcia Quilon, refused to comment on the speculation, saying: “We don’t know anything more than what’s being said. We’re not saying anything.”

Speaking last week, Benitez told the Liverpool Echo: “I am very happy here in Liverpool. I have always been happy and I want to stay here for a long time – if it is possible.”

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