Everton had talked with a host of managers but in the end they opted for a shock appointment of Benitez - much to the annoyance of many Toffees supporters who find it increasingly hard to overlook his Liverpool connections.
Benitez spent nearly six years at Anfield where he won an FA Cup and the Champions League.
Now at Everton, Benitez hopes to transform the club's fortunes after a hugely disappointing campaign. But what does the future hold for him and his new club?
We spoke exclusively to Betfair for their reaction to Benitez's appointment. The bookmakers believe that the Spaniard is likely to see out the season at the very least.
As things stand, the manager is priced at 10/1 to lose his job by Christmas. Meanwhile, the probability of Benitez lasting less than 18 months is at 60%, with the bookmakers offering an odds-on price of 4/6.
The current odds for the 61-year-old to see out the season are 7/4.
Betfair spokesperson, Sam Rosbottom told us: "Now that it has been confirmed that Rafa Benitez is a blue, all eyes are on how he will do in his early days at Everton. He has a big job on hand to win over the fans and put behind him his Champions League winning days at Liverpool.
"We make it 10/1 for the Spaniard to have left his post before Christmas, but he is 7/4 to have moved on by the end of the upcoming season. He is 4/6 to leave by Christmas 2022."
As things stand, Everton are priced at 11/1 with Planet Sport Bet to finish in the top four.
Despite a lot of investment, Carlo Ancelotti failed to deliver as the Toffees finished tenth last season.
In fact, the last time Everton made the top four was all the way back in 2005 - the same year Rafa Benitez lifted the Champions League trophy with city rivals, Liverpool.