Daily Mail correspondent Craig Hope has revealed that the deal is currently in advanced stages via Twitter. The Magpies had agreed to temporarily sign the 21-year-old back in December; with Benitez waiting on the green light from Stamford Bridge.
The Tweet reads: "Looks like Kenedy will be done in next 24 hours."
Despite possessing all the natural attributes to be a menace in forward areas; he has often been deployed as a left-back or left-wing-back under Antonio Conte's tutelage.
However, with Chelsea's imminent deal for Roma left-back Emerson Palmieri and the emergence of Marcos Alonso, Kennedy has been deemed surplus to requirements for the remainder of this season at least.
The speedy winger arrived in Tyneside on Monday evening and looks set to become a Newcastle player on Tuesday; putting him in contention to face Burnley after the fourth-round FA Cup clashes.
Kenedy originally joined Chelsea from Fluminese two-years ago in a deal worth around £6m. The promising forward made just 20 appearances in his debut season in England with Jose Mourinho, but was often utilised by Guus Hiddink in his brief spell as Blues' boss and showed great promise.