Bringing in reinforcements is easier said than done though. Real already possess one of the most star-studded, talented squads in world football, and making improvements to it will be far from easy.
A new goalkeeper
The only area where Real definitely need to strengthen is between the posts, and David De Gea looks like the shoe-in for this position if an agreement can be reached with Manchester United.
Unlike Keylor Navas and Diego Lopez who were brought in as back-up to Iker Casillas and told to fight for a starting spot, De Gea's standing as undisputed number one will be non-negotiable. What this means for Casillas remains to be seen.
A defensive midfielder
Toni Kroos enjoyed a strong first season in Madrid, but the German was forced to play a deeper role than he would have liked. Alongside Kroos, Luka Modric endured a tough season that was blighted by injury and in which he failed to impress, raising question marks about his future in the starting XI.
Casemiro is back after a spell at Porto, and along with Lucas Silva he provides Benitez with options as to the two holding midfielders in his 4-2-3-1 formation.
Kroos and Modric could very well remain in the centre of the midfield, but should Madrid look to buy there are a couple of options in Italy for them to consider. Paul Pogba is most spoken of and appears to be coveted by many of Europe's big guns. Signing the Frenchman would surely be a positive statement in the mind of president Florentino Perez, but whether he is what Madrid needs is not clear.
Other possibilities are Lazio's Lucas Biglia and Radja Nainggolan of Roma, both of whom Benitez will have seen a lot of during his time as Napoli boss.
A replacement for Sergio Ramos
It's not certain that Ramos will leave, with many believing that he will still be at Bernabeu come the close of the transfer window, boasting a bumper new deal. However, should the Spaniard depart a replacement will be needed. Pepe and Raphael Varane would likely become the first choice pair, but with Pepe's contract up at the end of next season, bringing a new face in now might be advisable.
Juventus' Leonardo Bonucci and Nicolas Otamendi of Valencia are two names that have been mentioned as possible replacements. Otamendi was a standout performer in La Liga last season, while Bonucci impressed in Juve's trophy-laden campaign. Either player would be a strong acquisition.
The key to the 2015/16 season could be a man that is already at Madrid. Bale suffered from a bad case of second-season syndrome after making a big impact following his arrival in 2013.
However, the Welshman's season was not nearly as bad as it has been made out. Yes, he was often isolated and ineffective, but Carlo Ancelotti's tactics did not suit him and despite that he still managed 19 goals and 11 assists in all competitions.
Bale is expected to play a more central role under Benitez, and this could prove the necessary tonic to get him back on track. If Benitez can revitalize Bale it will almost be like a new signing; Bale didn't become the most expensive footballer for nothing, he is class and has the potential to propel Madrid to another level.
All things considered, a goalkeeper is quite conceivably be the only major signing that Madrid require – but will that be enough for Perez and the fans?