The Bavarians paid €28 million to prise the Morocco international away from Roma last summer but the centre-half featured in only 24 games in all competitions during the 2014-15 campaign.
As a result, Benatia is open to leaving the Allianz Arena for a club that would offer him regular first-team football.
"The interest of Real Madrid and Juventus would flatter any player because they are two great clubs," the defender told Tuttosport. "Therefore, it cannot but make you happy.
"But I'm already at a great club, to whom I'm bound by contract for another four years.
"My goal is to win the Champions League but my main objective is to play 35-40 games next season.
"If I should realise that I'm not going to be able to do that, then I will start to look around.
"In football, as you know, anything can happen."
Juve's Serie A rivals Inter have also previously expressed their interest in bringing Benatia back to Italy.