Record reports that president Rui Costa's office has begun compiling a list of international candidates available at the end of the season or expected to become free in the coming weeks, with initial contacts at different stages of development for each name.
Iraola, 43, is the most high-profile of the available options. The Basque coach led Bournemouth to their first-ever European qualification this season and will leave the club when his contract expires at the end of June.
He has previously been linked with Bayer Leverkusen, and his approach to pressing, structure and squad development has drawn admiration across European football. Benfica represent a significant step up from Bournemouth in terms of resources and profile.
Xavi Hernández and Thiago Motta are both without clubs and considered more immediately accessible. Xavi left Barcelona in 2024 having won one La Liga title across three seasons in charge.
Motta left Juventus last season after a difficult start to his tenure in Turin, which followed his impressive work at Bologna where he guided the club to their first Champions League qualification in decades.
Marco Silva has also made himself known to the club. The Fulham manager's contract expires at the end of June, and A Bola reported earlier this week that his camp had already made initial contact with Benfica. Silva, a former Benfica player, has consistently been linked with a return to Portuguese football and would be an emotionally resonant appointment for the club's supporters.
Benfica's presidential elections are scheduled for late May and may influence the timeline of any appointment, with candidates wary of making major decisions in the midst of a political transition at the club.