The Portugal wing-back joined Barca on-loan in January from Al-Hilal.
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With less than 18 months on his Saudi deal, Cancelo and Barca are eager to seal a permanent transfer this summer.
Any agreement will involve the veteran accepting a massive drop on his Al-Hilal wages and he told Canal 11: "I've already earned more than I expected, but playing for Benfica is like playing for Barcelona, it's for love.
"I'm going to lower my salary."
Barca are pushing Al-Hilal to grant the 32 year-old a free transfer, though the Saudis are said to be demanding €10-15m to allow Cancelo to stay beyond the end of this season.
