The Spaniard welcomes his former club to St. James' Park on Sunday as Newcastle look for their third straight victory at home.
Liverpool have had a shaky start to the season, failing to win either of their Champions League games so far and being knocked out of the Carabao Cup at the hands of Leicester.
Jurgen Klopp's position isn't under threat despite the patchy run of form.
But that didn't stop Benitez being quizzed about a potential return to the club which brought him his greatest success.
“I didn’t get too many chances to go back. But that is football, you never know," admitted the 57-year-old.
"Have I come close? The job is quite difficult.
"I have been in Italy or Madrid or moving around. It has to be the right time."
Benitez's commitment to Newcastle was put to the test by owner Mike Ashley in the summer, as the Sports Direct tycoon broke promises and failed to spend big upon the club's return to the top flight.
But the former Real Madrid boss has reaffirmed his desire to remain in the North East, at least in the short-term.
“I am getting older but for a manager still a young manager," Benitez added.
“I don’t want to say (I will go back). I am really pleased here. I am happy here.
"And I wish Jurgen Klopp a lot of success.
"But in the future, I want to be successful here. And what happens in the future you never know.
“We won four trophies, semi finals too in that short period. If you see the money we spent, and the money they've spent in the past years, the fans appreciate that.”
Benitez also rejected claims he was to be offered a new contract at Newcastle.
Liverpool face the Magpies on Sunday afternoon (4.30pm).
