Razvan Lucescu's charges have a slight advantage after securing a hard-fought 1-1 draw in last week's first leg on Portuguese soil, but Rui Vitoria's team will still fancy their chances of progressing to the last 32 for the ninth successive season.
Indeed, the Portuguese outfit are chalked up as 13/10 (2.30) favourites with William Hill to win inside 90 minutes, while the same firm go 23/10 (3.30) that the scores remain level at the end of 90 minutes.
PAOK are available at 21/10 (3.10) to book their place in the Champions League knockout stages for the first time with a win in Wednesday's return leg.
Amr Warda was named as a substitute for the first leg, but the Egyptian striker is expected to start on Thursday after coming off the bench to score for his side on Portuguese soil last week.
With five goals in his last five fixtures, Pizzi could prove pivotal if Benfica are to remain in this competition - the 28-year-old midfielder scored from the penalty spot in last week's first leg fixture.
Benfica have won just one of their last nine Champions League matches away from home, failing to find the net in four of their last five games on the road in this competition.
Benfica, though, must adopt an attacking approach for, should they fail to score, they will certainly be eliminated from the competition.
This could be an open and entertaining tie, then, and William Hill go 11/10 (2.10) that there are at least three goals scored when these two teams lock horns.
Better value, though, could lie in backing goals at both ends; Benfica have scored in each of their last 13 matches, while PAOK have drawn a blank in just one their last 19 outings.
William Hill's 17/20 (1.85) quote, therefore, for goals at both ends could represent real value for punters ahead of Wednesday's Champions League crunch clash.