Los Blancos are eager to extend it until 2023 and also raise his salary, to adapt it to his current leader status within the team, according to Marca.
Benzema's wages are below those of star players such as Gareth Bale and Sergio Ramos, although the Frenchman has been one of the team's best performers in recent years.
The two parties have already entered into negotiations, but they have yet to reach an agreement.
Benzema, however, is not in a rush to sign a new contract with Real Madrid, as he wants to be certain that he will retain the same status in the coming seasons, as he approaches his 32nd birthday.
His dream is to continue being a part of Los Blancos, but he wants to be able to meet the team's expectations both in football and physical-condition terms.
Club president Florentino Perez has always been an admirer of Benzema's talent, even in some of the striker's more complicated moments.
The player arrived in Spain at the age of 21 and a decade later he seems to be going through his second youth.
Several Premier League clubs, as well Paris Saint-Germain, could make a move in the event that no deal is sealed between Real Madrid and Benzema, although the latter is not willing to listen to any offers for the time being.
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