Liverpool Rafael Benitez has been offered a £3m to leave immediately

Liverpool boss Rafael Benitez has been offered a £3m severance deal to leave immediately, BBC Sport understands.

Benitez led the Anfield club to Champions League glory in 2005 but guided the Reds to only seventh place in the Premier League last season.

The 50-year-old has been linked with a move to Inter Milan, with the Italian giants looking for a coach following Jose Mourinho's move to Real Madrid.

Benitez's agent has said he will speak with the Spaniard on Thursday.

BBC Sports News correspondent Dan Roan said: "Members of Liverpool's board were locked in meetings as late as 2330 BST on Wednesday night.

"Benitez is currently on holiday but if he decides to accept their offer he could be out by the weekend."

The manager's agent Manuel Garcia Quilon said: "We don't know anything more than what's being said.

"We're not saying anything."

Liverpool declined to comment on the rumours on Wednesday.

It has been reported that it would cost the club about £16m to pay off Benitez, who joined Liverpool in June 2004. But they are currently pursuing a compromise compensation package worth £3m.

As well as the Champions League triumph, Benitez also steered Liverpool to the European Super Cup in 2005 and the FA Cup in 2006.

They enjoyed an impressive Premier League campaign in 2008-09, finishing as runners-up, four points behind champions Manchester United having lost only two games all season.

But they were hugely inconsistent last season, losing 11 times in the league and exiting the Champions League in the group stages. They dropped into the Europa League and reached the semi-finals where they lost to Atletico Madrid.

Several of Benitez's first-team squad have recently been linked with summer moves, including captain Steven Gerrard, Argentine midfielder Javier Mascherano and star forward Fernando Torres.

Benitez had suggested he would require in excess of £50m to put the club back in contention for the Champions League places, never mind the Premier League title.

Co-owner Tom Hicks recently said Benitez would have a "substantial" transfer budget this summer despite he and fellow owner George Gillett trying to sell the club, a process which could take 18 months.

It has since been reported that the funds available to Benitez could be as little as £5m, before selling players.
Liverpool were put up for sale in April, with an asking price of between £600m and £800m, and Hicks had claimed there is a large number of "interested buyers".

Parent company Kop Holdings were £351m in the red last summer with annual loan repayments of £40m.
Speaking last week, Benitez told the Liverpool Echo: "I am very happy here in Liverpool. I have always been happy and I want to stay here for a long time - if it is possible."

- BBC Sport