I think Benzema is doing the right thing by thinking of leaving Saudi Arabia at the earliest opportunity. The criticism towards his performance there must have crossed the line that it led him to delete his Instagram account. 
Benzema is one of the great centre-forwards I have ever seen and it would be lovely to watch him in Europe again if possible. But a return to Real Madrid doesn't look possible. If we watch him playing for a powerful European team again then I think he will start showing a much better performance than now. He is 36 years old but I would like to remind that it was only two years ago when he won a Ballon d'Or.
Benzema is one of the great centre-forwards I have ever seen and it would be lovely to watch him in Europe again if possible. But a return to Real Madrid doesn't look possible. If we watch him playing for a powerful European team again then I think he will start showing a much better performance than now. He is 36 years old but I would like to remind that it was only two years ago when he won a Ballon d'Or.
The Saudi Arabia journey did not go as planned, and Benz is not the only one on his way out; Herderson left for Ajax barely six months after signing with the Saudi club. Some players are already considering to return to European football due to the level of competition and, I believe, the awful weather. Those who actually care about the game are returning to Europe.
Real Madrid has never taken back any of its legends before. Ancelloti stated that it is up to the club to decide, but he does not see the possibility of Benz returning to Real Madrid, as he is already off the hook. A loan to one of the English clubs seems to the only way out for him unless he cut down his wages.
First there was a rumour about Ancelotti wanting Benzema back as a loan if buying him wouldn't be an option. Then this rumour was denied but I still see talks about Ancelotti leaving this decision to Real Madrid staff. I am aware that Perez isn't the one who cares a lot about his legends when they get older and especially when they leave the club. If Ancelotti won't insist on taking Benzema back then definitely he will have no chance to join them back.
By the way I wonder know where Klopp will go after his decision to not renew his contract and leave Liverpool by the end of the season. He announced next season to stay free for any contract for a year then it is not yet clear.