The Israeli international left Jerusalem by mutual agreement after the club terminated his one-year contract, signed in July.
Benayoun has been complaining about spending most of his time on the bench and the final straw came last week when played no part in the recent cup match in which Beitar struggled to beat second division Marmaruk 2-1. Since joining Beitar, Benayoun has started only two games and played a total 427 minutes.
A proposed move to Petah Tikva had initially broken down because Benayoun, who turns 38 in May, demanded an 18-month contract.
But positive talks have continued and the club have agreed to sign him later today or tomorrow. Maccabi will be his fourth club since returning to Israel.