But just how good of an offer is that?
Certainly, in Newcastle terms, it looks better than recent times, but looking at it realistically, it may not be as good as it seems.
Whether Rafa thinks it is enough to transform the squad into one he could see as a significant step up on his current crop of players, remains to be seen. But it will probably be the major determining factor on the Spaniard staying, or going.
We have tried to breakdown what that alleged budget actually translates to, and what Rafa could actually get for his money.
It is a bigger budget than last summer
It would be a significant increase on what Benitez was offered a year ago, but in the current transfer market, it is not massive, by any means.
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If you look at Fulham last season as a bench-mark, they spent in excess of £100m and still got relegated.
Granted, they did not have a tactician like Benitez in charge, but with a very hefty amount spent on players – including Aleksander Mitrovic from Newcastle – you would have expected them to fare better than they did.
So if you look at their season, £60m in comparison, does not sound like an amount that will see us pushing for European spots.
Previous bargain-basement buys come back to haunt Newcastle
Rafa is said to have been told any money he recoups from player sales can be reinvested towards further recruitment this summer.
But this is where previous penny-pinching bites.
The players he has signed have largely been loans or lower-end signings. As a result, any amount of money received for the sale of players he is willing to let go, will likely be equally low-end.
Take Joselu, for example. Signed as a last-ditch stop-gap from Stoke for around £5m, he is now on the verge of leaving for Alaves, if reports are to be believed.
Because, through no fault of his own, he was simply not good enough for the Premier League, he did not play much. Due to that, his transfer fee is now likely to be even less than the amount we paid.
So, assuming the same principal applies to players like Jack Colback, Jacob Murphy or Javier Manquillo, among others, then how much will their sales actually add to the budget?
The answer is: not very much!
Wages are likely to be included in any budget offered
As has often seemed to be the case at Newcastle under Mike Ashley and Lee Charnley, any transfer budget offered will probably have to include players salaries as well as transfer and agent fees.
With the weekly wage of not just world class players, but those that are simply above average, being six figures nowadays, any quality additions in talks with Newcastle are going to ask for the same.
The current hierarchy have always appeared to be reluctant to pay the going wage for good players, which cannot continue if they are looking at a top-drawer striker, for example.
Therefore, if salaries are included, then a large proportion of any transfer kitty will be swallowed up on just one or two additions.
The result is that the actual amount to spend on transfer fees will be significantly less than £60m.
So we ask the question again: just how good an offer is £60m?
The answer, as you can see, is not as clear-cut as it seems. In reality, it would likely buy one decent striker, and a couple of recruits in other positions, which would simply not be good enough to overhaul an entire squad.
Consequently, if Rafa needs to generate extra funds through sales, he will have to part with a couple of players that are current first team members.
If that is the case, then the club is simply moving sideways, by replacing like for like, and not enhancing the team at all.
So whether Rafa sees it in a similar light, or whether he thinks it is an amount he can genuinely work with, is open for debate.
But either way, his decision needs to be made now… not later.