Portuguese newspaper Record claim Shakhtar are keen on signing Cardozo as a replacement for Brandao, who joined Marseille last summer.
Cardozo scored 38 goals for Benfica in all competitions this season, but has admitted he is ready to leave the club.
“I want to play for a big club from a different league, but the one to decide will be Benfica,” the Paraguay international told RTP.
“The coach spoke to me yesterday and he told me he wants me to stay for one more year, but I do not know. That will depend on Benfica.”
Cardozo joined Benfica from Newell’s Old Boys in a 11.1million euros deal.
