"I cannot say that Morientes is a Liverpool player but I believe we are very close to a deal and it could happen in a couple of hours time," Benitez told the club's website after the 1-0 win over Watford in their League Cup semi-final first leg on Tuesday night.
"We have spoken about him for two weeks now and the player wants to join Liverpool, which is a good thing."
Benitez added that Morientes could even figure for Liverpool in Saturday's home game with Manchester United.
"We are ready for his arrival as soon as a deal can be completed," said the former Valencia coach. "I'm not sure how player registration works in England but we are hopeful that he could be ready for the weekend.
"We will use the player as soon as possible. The important thing is he wants to come to Liverpool and play for us."
Morientes spent last season on loan at Monaco, top scoring in the Champions League during the French side's run to the final.
He returned to Real in the close season but is now the club's fourth-choice striker behind Ronaldo, Raul and Michael Owen.
