Earlier today news agency Lusa cited sources close to the negotiations to suggest that the two clubs were already in talks for the Paraguay international.
After a fantastic 2009-10 campaign in which he scored 38 goals in all competitions, Cardozo has struggled to hit top form this season, finding the target 20 times.
Cardozo has been the subject of heavy criticism from fans, and it is believed that Benfica, who are set to finish second in the Portuguese League, are ready to let him go after a four-year association.
The Eagles rejected a €25 million offer from Shakhtar Donetsk last summer, hoping that his stock would rise after playing in the Champions League, but reports suggest they are now willing to part with the striker for a lower figure.
Lusa reported that Dynamo had offered €13m plus Brazilian duo Andre and Gerson Magrao, but Benfica have declared that there is no truth to such stories.
“SL Benfica inform that the pseudo-news from Lusa about potential negotiations between this club and Dynamo Kiev involving athlete Oscardo Cardozo lack any foundation,” a Benfica statement read.
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Benfica deny negotiations with Dynamo Kiev for Oscar Cardozo