The Stamford Bridge club are expected to be in the market for a big-name striker, if not in January, then certainly next summer.
And with Madrid chief Florentino Perez suggesting he will make the Colombian forward his top transfer priority at the end of the season, Chelsea could swoop to pick up the out-of-favour Benzema.
The France international would be the odd man out if Madrid signed Falcao, as the La Liga giants would boast a Gareth Bale, Cristiano Ronaldo, Falcao front three.
With Benzema on the bench, Chelsea boss Jose Mourinho would be free to return to the Bernabeu to bring the Frenchman to the Premier League.
The Blues manager has a strong squad at Stamford Bridge, but Chelsea still look short up front. Despite being linked with the likes of Edinson Cavani and Falcao, Chelsea ultimately ended up with Samuel Eto'o from Anzhi this summer.
The Cameroonian joins Fernando Torres and Demba Ba but none of the trio has a single league goal between them so far this term.
Instead, Brazilian international Oscar leads the club's scoring charts with three Premier League strikes.
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