The French striker looks set to depart the Bernabeu after 14 trophy-laden years, where he would link up with his ex-teammate in the Gulf nation.
Benzema's future at Los Blancos has been shrouded in mystery with the 34-year-old tied down at the club until 2024.
It had been thought that the player would extend his love affair at Real, but it appears that he has had a change of heart and intends to seek a new challenge in a different continent.
According to Foot Mercato, Benzema has told Real Madrid boss Carlo Ancelotti he intends to join Saudi Pro League champions Al Ittihad.
However, it is not yet known whether Al Ittihad and Real have held talks regarding a fee for the 2022 Ballon d'Or winner.
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Spanish outlet AS claim Benzema has been offered a tax-free two-year deal, where he would earn a whopping £86million-per-season.
The report also states that Benzema has sought counsel from Ronaldo before coming to his decision.
It adds that Benzema wanted to know about life in Saudi Arabia, after Ronaldo joined Al Ittihad's rivals Al Nassr earlier this campaign having had his contract terminated at Manchester United.
It has been said the two spoke about the living conditions in the country, as well as the standard of the league.
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Should Benzema depart Real this summer, he would leave as their second highest goalscorer in history.
Only Ronaldo [450] has found the back of the net more times than Benzema [353].
And the five-time Champions League winner has also made the fifth most amount of appearances, with only Raul, Iker Casillas, Manolo Sanchis and Sergio Ramos featuring on more occasions.
Benzema isn't the only high-profile player that could make the move to Saudi Arabia, with Lionel Messi continuously linked with a switch.
Though the 35-year-old could decide to return to Barcelona when his contract expires at Paris Saint-Germain next month.