The former Real Madrid captain's current deal is now inside it's final six months.
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Benzema has been linked with a return to Europe this season, but Planes is confident the centre-forward plans to stay with the Saudi Pro League giants.
He told ABC: "He wants to stay, he's very keen to continue in Saudi Arabia and with Al-Ittihad.
"He's seen that there's a serious project there, with good players."