Benzema is suspended indefinitely from the national team due to his alleged involvement in a ploy to blackmail Valbuena over a sex tape involving the midfielder.
The Real Madrid striker was arrested in November last year and warned he could miss out on the European Championships if the case did not evolve by then.
While Valbuena was not handed any suspensions, coach Didier Deschamps did not pick him for the nation's recent round of friendlies in November.
Griezmann is hopeful he will see both of them make the squad for the finals, but admits France have capable replacements if the duo do not make it.
"I hope to see Benzema and Valbuena at the Euros," the 24-year-old told Telefoot.
"But if that doesn't prove to be the case, we have forwards like Olivier Giroud, Alexandre Lacazette, or Kevin Gameiro who are also important."
France have been included in Group A for the summer tournament, alongside Albania, Romania and Switzerland.