Newcastle United have confirmed that Rafa Benitez will leave the club when his contract expires on June 30 as speculation continues to intensify linking the former Liverpool and Real Madrid boss with a move to Chinese Super League (CSL). 

"It is with disappointment that we announce manager Rafael Benítez will leave Newcastle United upon the expiry of his contract on 30th June 2019," the club announced on Monday in a statement. 

"We have worked hard to extend Rafa's contract over a significant period of time, however it has not been – and will not be – possible to reach an agreement with Rafa and his representatives." 

"We would like to thank Rafa and his coaching team for their efforts over the last three years and their significant contribution to what has been collectively achieved," the club added. 

"We would also like to thank our supporters, players and staff for their patience during a period of uncertainty. The process to appoint a successor will now begin."

Benitez's departure was the latest blow to Newcastle's vast support as the Spaniard, who took over in March 2016, secured the Magpies' Premier League status and steady the ship with a 13th-placed finish with the club last season despite the lack of transfer backing from Newcastle owner Mike Ashley. 

With Benitez's spell at Newcastle drawing to an end it is unclear where the 59-year-old's future lies, but according to several British media outlets, CSL club Dalian Yifang is willing to make Benitez the best paid coach in China with an annual salary of 15.3 million U.S. dollars. 

Sky Sport Italia also revealed that Benitez has received the mouthwatering offer from China but there is also a chance the Spaniard may snub Yifang and stay in England.  

He remains one of the frontrunners to replace Maurizio Sarri, who left Stamford Bridge to return to Italy to manage Juventus, but Blues legend Frank Lampard is still the overwhelming favorite for the Chelsea job.