Benitez has been given a contract until the end of the season but Chelsea will push hard to get fromer Barcelona boss Guardiola in at Stamford Bridge in the summer after his one-year sabbatical has ended.
Such is Abramovich's desire to get Guardiola that he is willing to make him the best paid manager in the world by offering him a staggering wage of £15 million a year, according to the Daily Mail.
The paper also reports that: "Guardiola’s representatives say he will not make a decision on his future until the new year, but it is understood a deal with Chelsea has been agreed in principle.
"He was approached after Chelsea’s 2-1 defeat against Shakhtar Donetsk in the Champions League on October 23."
The Independent also says that Guardiola is Chelsea's first choice but does also say that Benitez has 'long-term prospects' at Chelsea should his fellow Spaniard turn down the job.
They report: "Benitez, 52, agreed a contract that lasts until the end of the season and although in different circumstances he would not have been the club’s first choice, he will be given the chance to establish himself with the option of a further 12 months."
The paper also says that Guardiola and Benitez are not the only two men that interest Chelsea long term.
"The Borussia Dortmund coach Jurgen Klopp is also admired at the club, so too Roberto Martinez at Wigan Athletic and the Germany national team coach Joachim Loew," they report.
Meanwhile, The Sun claims that Roberto Di Matteo was warned he would be sacked if he axed Fernando Torres – the £50m striker who was left on the bench for Tuesday 3-0 defeat at Juventus.
Di Matteo was sacked at 4am the morning after that game after refusing to obey orders by starting Eden Hazard up front for the game in Turin.
The paper says that Torres is "known by the other players to have the ear of Abramovich" and "was furious about being substituted against West Brom and in his previous game against Liverpool."
"(Torres) has been quietly lobbying for the appointment of Benitez, the man who signed him for Liverpool from Atletico Madrid in 2007," the paper says.
The Chelsea circus is likely to still have a few more shows to come.
To some quick-fire transfers rumours and New York Red Bulls look set to block an Arsenal bid to sign Thierry Henry on loan again. (Daily Star)
Marouane Fellaini has broken his silence over his future by insisting he wants to stay at Everton but only if they qualify for the Champions League. (Daily Mirror)
Arsene Wenger has identified PSV defender Jetro Willems as a player he would like to bring to the Emirates in January. The Arsenal manager is poised to table a €6.5m bid to snap up the 18-year-old Dutch international. (Daily Express)
And finally, Manchester City are ready to splash out a stunning £7million to sign Croatian teenager Alen Halilovic. City sent a delegation to speak to Dinamo Zagreb this week in a bid to land the 16-year-old attacking midfielder. (Daily Mirror)