Benzema enjoyed a stellar season, scoring goals and also winning the UEFA Champions League and the Spanish league title.
He won the top scorer awards in both competitions.
Mane also had a successful last season, winning two trophies with Liverpool and the Africa Cup of Nations trophy with Senegal.
He also led the Teranga Lions to the 2022 World Cup in Qatar.
The former Liverpool star has admitted that Benzema had a better year.
"Honestly, I think that Karim deserves it this year,' Mane said.
"He's had a great, great season with Real Madrid. He's won the Champions League… I think he easily deserves it, so I'm happy for him.
"I know I won the African Cup of Nations, it was a relief for me and for the whole country, and I'm really happy to have won my first Afcon with my country.
"But I think it's Karim who deserves it, and I honestly believe that."
Benzema and Mane are on the nominees' list for the 2022 Ballon d'Or awards alongside the likes of Kylian Mbappe, Cristiano Ronaldo, Mohammed Salah, and Robert Lewandowski.
Mane left Liverpool in the summer to join Bayern Munich.