The Israeli coach made clear his belief that the former Inter Milan boss will not be sacked by Roman Abramovich before the end of the season, but was quick to point out that the Blues should be performing better.
"It's way easier than coaching West Ham, for instance, because you have a very big budget and top players to choose from. All you have to do is go after the win."
Like Benitez, Grant enjoyed a short-term spell in charge of Chelsea in 2007/08, following the high-profile departure of Jose Mourinho, and guided the Blues to League Cup and Champions League finals, as well as a second place finish in the Premier League.
He was recently touted as a possible replacement for Benitez, if the Chelsea owner decided to relieve the Spaniard of his duties before the end of the season, with speculation going into overdrive after Grant was pictured at Stamford Bridge, as a guest of Abramovich, for the recent FA Cup fourth round replay against Brentford.
The 58-year-old played down suggestions he could return for a second interim spell, but conceded that things are not looking particularly promising for the reigning European champions at the moment.
"Things aren't going well at Chelsea," he added. "They have made huge investments but the mood there is not good. They can't be happy when they are not challenging for the League.
"They don't like being in the Europa League and their players are not dreaming about being in that final. Their motivation would have been much greater in the Champions League."