The former Liverpool defender only joined los Colchoneros in the January transfer window, but he has failed to make a single appearance since arriving in a €3.5 million move.
It certainly appears that Diego Simeone does not rate the player highly and he could, therefore, allow him to leave the club in the summer transfer window.
That is likely to be great news for Benfica, who are hoping to add Insua to their ranks as they want the player to provide competition for youngster Lorenzo Melgarejo.
The Eagles plan to initially sign the defender on a season-long loan with an option to buy at the end of the 2013/2014 season.
Emiliano Insua, 24, is believed to be interested in a move to Estadio da Luz in spite of his ties with the Eagles’ fierce rivals Sporting Lisbon.