The likes of Alan Shearer, Peter Beardsley, Shay Given and Tony Green are among the 38 nominees - with nearly 11,000 appearances and 1,800 goals between them - revealed at a star-studded 125 Years United dinner on Tuesday night.
Benítez attended the event, along with his staff and several of his players, as last season's Sky Bet Championship title win was celebrated and Les Ferdinand and Shola Ameobi were inducted into the Newcastle United Foundation's Hall of Fame.
And the Magpies' manager hopes that some of the current team will one day be mentioned in the same breath as Malcolm Macdonald, Rob Lee, Philippe Albert and the other players shortlisted for the Greatest XI, which is being compiled in association with ChronicleLive.
"Obviously, a big club has a lot of big players in its history so it's really important for us to realise that," Benítez told The Chronicle.
"We try to go about doing things in the same way they were doing things (in the past) as well, and hopefully in my time here we will have more of those great names too who might be part of the Greatest XI.
"At the moment, we have a young team with young players - some of them don't have experience of the Premier League. They are in a learning process and we have to make sure that they are going one step in the right direction."
Last season's promotion ensured that United were back in the top flight for their 125th year, and Benítez believes that it's important for the current players to look to the club's past for inspiration.
Newcastle have had to wait a long time since their last silverware, but the Magpies have won the league title four times and the FA Cup six times, while the Fairs Cup success of 1969 is still talked about to this day.
More recently, the 'Entertainers' era, the 5-0 win over Manchester United and glorious Champions League nights will never be forgotten by the supporters, and Benítez is keen for his current crop to know all about the club's storied past.
"Some of them, you have to tell them what it means to be the big club in the city," he said. "Some of them, they already know. They see our support when we go away. It's not difficult to sell the club to British players - they know what is going on in the league and in England, they know it is a big club.
"Some of the foreign players, they may know the big names but it's important for them to realise from the moment they join that they are working for a massive club and they have to be sure that they are doing things right on the pitch."
You can vote for Newcastle United's Greatest XI here, or go to chroniclelive.co.uk/sport
