It is claimed that the iconic Goodison Park pair will take charge on an interim basis, with Benitez set for the axe.
The Spaniard’s position as Toffees manager has come under immense pressure after a 2-1 loss at relegation-threatened Norwich City on Saturday.
Everton have won just one of their previous 13 Premier League matches and slumped to 15th in the table.
There are intense calls from supporters for Benitez to be sacked, despite only taking over in the driving seat last summer.
The Blues’ board held talks to discuss Benitez’s future last night.
Duo to hold reins
And while Everton search for their next permanent boss, Ferguson and Baines will hold the reins.
The pair were both huge fans’ favourites during their playing days at Goodison.
Ferguson - who scored 72 goals during two spells at Everton - is currently assistant manager and had a spell as caretaker in December 2019.
Baines, meanwhile, is part of the under-18s coaching set-up. He made 420 appearances for the club between 2007-2020.
‘Not in my hands’
After the Norwich defeat, Benitez could only concentrate on addressing issues on the pitch - such as the errors that led to the two goals - and the rest was ‘out of his hands’.
“I came here to fix issues that were coming from the last five years,” he said.
“What I have to do now is analyse the mistakes we are making and make sure we avoid that for the future.
“The rest is not in my hands.”