Rafa Benitez won't let 'heart' rule his head in Newcastle decision
Benitez has held talks with the club's hierarchy in the wake of Wednesday night's relegation from the Premier League.
The 56-year-old has a clause allowing him to leave St James's Park in the summer, but he could yet stay on Tyneside and take charge of the team in the Championship.
Fans plan to implore him to commit to the club during this afternoon's home game against Tottenham Hotspur.
In his programme notes, Benitez said: "We have already started thinking about the future.
"I have had conversations with people at the top of the club, and we have been talking about what we need to move forward. We are working on that.
"I will need some time for reflection, to think about the last two months and what lies ahead
"I'm very happy here, but it's a difficult decision to make and one which I need time to consider.
"It's not just about following your heart, but being sure that I can lead this club back into the Premier League at the first time of asking."
Benitez has been touched by the welcome he has had at the club and in the city.
He added: "What I can guarantee to you is that I'm considering the option to stay, because the potential of the club, the fans, the staff and the people of Newcastle have been even more impressive than I ever imagined it would be."