The Algeria international has reportedly been offered to the Spanish club, with sporting director Manu Fajardo understood to be interested in the possibility of bringing him to Seville.
Bensebaini, 31, is capable of playing as a left-back or centre-back, versatility that could make him an attractive option as Betis assess their defensive requirements for next season.
His contract with Dortmund runs until June 2027, and uncertainty over a possible extension has opened the door to interest from elsewhere.
The defender has spent much of his career operating on the left side of defence but has increasingly featured as a centre-back in Dortmund's back three under Niko Kovac.
Real Betis have already had an opportunity to assess him at close quarters, with Bensebaini starting against the Spanish side in their recent Champions League meeting at the Signal Iduna Park.
According to Radio Sevilla, his profile has been presented to Betis, while reports in Spain indicate that the club are keen to move ahead of potential competition.
The prospect of signing an experienced international without paying a transfer fee is understood to be particularly appealing.
Bensebaini has previously played for Borussia Mönchengladbach and Rennes, bringing considerable experience from German and French football.
However, the reported interest does not yet amount to an agreement, and Betis have not confirmed that they intend to pursue a deal.
His contractual situation could nevertheless make him an option worth monitoring as the Andalusian club begin planning their defensive recruitment for the 2027-28 campaign.