Benitez said: "He doesn't have much time left but if he comes in and scores ten goals before the end of the season then what would we do? It's obvious," said the boss.
"The most important thing in these situations is not what is said off the pitch but what a player does on it. There is always the possibility of a new deal if Vladi plays well and scores goals. He is a very good player and a good professional. He can play in different positions for us, but now he needs games."
"If he plays well from now until the end of the season then he will have more options in the summer," Benitez added.
And Smicer himself has admitted he doesn't want to leave Anfield.
He said: "I like it here and don't want to leave. It's just down to getting fit and playing as much as I can before the end of the season. I must not set too many questions for myself at once. I just need to be patient and the manager will decide."