The Spanish manager pulled off a near-miraculous feat last season, guiding the Magpies to a 10th placed finish with a squad that had hardly changed since their promotion to the Premier League the year before.
While the club have made three additions to their squad this summer, their budget remains incredibly tight and the Newcastle boss has admitted that they will need to be shrude dealers in the transfer market.
"We have to wheel and deal, that is the way for us. And then we try to continue doing the right things." he told 'Sky Sports'.
"As soon as the price goes a little bit higher, I know that we cannot buy them, so we have to be realistic with our budget, and then maybe sell some players and buy some players."
The 'Magpies' are desperate to try and unload some of the deadweight from their squad, with players such as Jack Colback, Achraaf Lazar and Mats Sels earning relatively big wages despite being nowhere near Benitez's plans for the first team.
Aleksandar Mitrovic is another player who is on the fringes of the team, and after an impressive loan spell with Fulham last season and representing Serbia at the World Cup, the club will look to make aorund £20 million from his sale.
This type of transfer activity is not ideal, as clubs who know that Newcastle are desperate to sell some players may wait until late in the window to pay the lowest price possible, but Benitez admits there is no other way.
"That is the situation. Are we happy with that? Obviously not 100 per cent, but we will try to do our best to be sure the team is strong enough and we can compete in the Premier League." he explained.