Madrid reportedly saw three bids rejected by Paris Saint-Germain for the France star during the transfer window, the last one said to be worth €200 million ($319 million).
Yet with Mbappe's contract expiring at the end of the season and no sign of an extension, the 22-year-old will be free to speak with foreign clubs over a possible free transfer from January onwards.
France team-mate Benzema says it is just a matter of time until Mbappe becomes a Madrid player, telling L'Equipe: "He said it himself. He wants something more. He will play at Real Madrid one day. I don't know when, but he'll come. It's a question of time."
Benzema believes Madrid is going through a transition under head coach Ancelotti, with established stars such as Sergio Ramos and Raphael Varane having left while youngsters including Eduardo Camavinga and Vinicius Junior take on greater prominence in the first team.
"Real Madrid are still the best club in the world," he said. "Reconstruction or not, it's a new football, a new generation, new players. We have to invest in the youngsters so they become great players one day.
"I'm here to help them. I speak a lot with them. I want to improve them."
It is Benzema, however, who remains the cornerstone of the side. With eight goals and seven assists in just seven LaLiga games in 2021-2022, the striker has more than double the direct goal involvements of any other player in the division.
He has also attempted the most shots (26), while only Sergio Canales has created more chances from open play than Benzema (14).
His form in the past year has led to calls for him to win the Ballon d'Or, the award returning this year after being suspended for 2020, with former Madrid star Luis Figo this week backing the 33-year-old for the prize.
While he cannot deny it is on his mind, Benzema says it is important not to become too focused on personal goals at the expense of helping the team.
"We have to think about it when you have ambition, but it doesn't have to be an obsession that makes you focus on yourself, telling yourself you have to shine individually," he said.
"If you have to win it, it's because of who you are, what you show on the pitch, what you do. For Figo to say I'm one of the candidates is important."