The Spaniard is a long-term admirer of the pacey winger, and sees him as the ideal man to impose his style of play on the Naples-based outfit’s squad.
Star striker Edinson Cavani is set to leave the San Paolo in the coming months for around £50m, which will hand the Serie A side a sizable transfer kitty.
Benitez is willing to spend a large chunk of this on Walcott, who only penned a new deal with the north London club during the winter.
Arsenal are reluctant to allow the England international to leave, but may accept an offer in the region of £25-£30m, in order to fund their own transfer plans.
Benitez has already received backing to push ahead with a move from Napoli president Aurelio De Laurentis, who confirmed that the club are keen to draft in a right-sided attacker.
Walcott enjoyed a successful 2012/13 campaign, notching 21 goals in 43 appearances for the Emirates Stadium-based outfit.
Much of his season was marred by uncertainty surrounding his future, but the ex-Southampton man agreed to extend his contract earlier this year.
Should Arsenal be looking to sell Theo Walcott? Or is he a key part of the squad?
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