Although they won their Champions League tie against Inter Milan on Tuesday, Benitez knows that if the club fails to succeed in the competition then he could be out of a job.
O'Neill has been brilliant at Villa Park since he joined in 2006 and the club currently sit in sixth place in the Premiership. Villa are even managing to challenge Liverpool for the coveted fourth Champions League spot, showing how stablility is the key to success.
A club the size of Liverpool would be difficult for the Northern Irishman to turn down. However, it is widely acknowledged that Villa have an American owner who will further the club. The question is whether Liverpool's bosses from the same country have the same desire.