Rafael BenÍtez is preparing to back down in his public dispute with Liverpool’s American owners, but a parting of the ways remains the most likely outcome in the long term amid growing concern that the manager’s departure could be followed by an exodus of players such as José Manuel Reina, Xabi Alonso and Javier Mascherano.

Several of Liverpool’s senior players are known to be deeply concerned by the way in which BenÍtez’s position has been destabilised by his conflict with Tom Hicks and George Gillett Jr. The long-term commitment of local players such as Jamie Carragher and Steven Gerrard is not in doubt, but there is concern within the club that some of those BenÍtez has brought to Merseyside will consider their futures if he is sacked. Reina, the goalkeeper, and Alonso, the midfield player, are attracting interest from Atlético Madrid, but the most worrying case is that of Mascherano, which has been one of several issues that have contributed to the crisis that has left BenÍtez clinging to his job.

The manager is determined to secure the Argentina midfield player’s services on a permanent basis, given that he is more than halfway through the 18-month “lease” arrangement on which Liverpool signed him from West Ham United last January, but Hicks and Gillett, along with Rick Parry, the chief executive, are unhappy that BenÍtez took it upon himself to broker a £17 million fee with the player’s advisers.

That deal was effectively vetoed by the board and, although Liverpool remain eager to sign Mascherano beforehe becomes a free agent on July 1, the affair has persuaded the Argentinian that it is BenÍtez, rather than the club, who wants him. Mascherano is reluctant to commit his long-term future to Liverpool while BenÍtez’s situation is so precarious, with the 23-year-old’s representatives acutely aware that Barcelona are eager to sign him.

BenÍtez’s employment prospects improved marginally yesterday as it emerged from Liverpool’s Melwood training ground that he was preparing to soften his belligerent stance towards the club’s owners. He is understood to be willing to resolve his differences with the board and to focus simply on coaching and identifying future signings while leaving all transfer negotiations to Parry, but this promised climbdown is likely to have come too late. By undermining their authority over the past week, BenÍtez has infuriated Hicks and Gillett to the point where his departure seems to be only a matter of time.

Nevertheless, BenÍtez feels that he has shown willing by agreeing to concede some ground in the dispute. He is also prepared to accept defeat in his pursuit of Kakha Kaladze, the 29-year-old AC Milan defender, whom he had identified as a prime target for the forthcoming January transfer window. BenÍtez was unhappy at the club’s reluctance to proceed with that deal, which would have brought much-needed cover to his defence, but the manager has now reluctantly agreed to wait until the Americans’ visit to Merseyside in mid-December before finalising his transfer strategy.

The need for reinforcements, though, remains a thorny issue at Anfield, with the board believing that BenÍtez should not be asking for more players after the club’s outlay in the summer. BenÍtez believes that he is entitled to sign at least one defender in the transfer window - he has not spent the £6.8 million earmarked to sign Gabriel Heinze from Manchester United in August, when the Argentina full back instead joined Real Madrid – and his case appears to have been strengthened, albeit against his wishes, by a setback suffered by Daniel Agger in his recovery from a fractured metatarsal.

Liverpool face FC Porto in a crucial Champions League match at Anfield tomorrow, with a show of solidarity with BenÍtez planned by the supporters. A win, amid fervent backing for the manager, would strengthen his position. A defeat, though, would push him ever closer to the exit.