The Portuguese club are once again said to be interested in the creative midfielder, who has been unable to make his mark at La Rosaleda since his arrival
The 23-year-old midfielder has struggled to impose himself in coach Manuel Pellegrini's squad, making just 12 competitive appearances since the start of the season.
Benfica are reportedly ready to offer him an escape route from his situation as they seek an alternative to Pablo Aimar, who has yet to commit his future to the club.
The Estadio da Luz outfit were already credited with an interest in Buonanotte during his time at River Plate, but the Argentine signed for Malaga instead.
Buonanotte, who cost Malaga €4.5 million, has a contract with the Liga club until 2016 and a release clause of €25m.