The Real Madrid striker has been charged with complicity in an attempt to blackmail and participating in a criminal conspiracy as part of an investigation into a sex-tape plot involving France teammate Valbuena.
Benzema spent the night in custody in Versailles after giving himself up for questioning and was later charged after being put before a judge on allegations he was part of a plan to blackmail the Olympique Lyon midfielder.
Agence France-Presse also reported that Benzema has been placed under judicial supervision, meaning he cannot meet with Valbuena.
France coach Didier Deschamps announced his squad for the upcoming internationals with Germany and England with both players omitted.
Benzema's lawyer Sylvain Cormier denied Benzema had any involvement in the alleged plot and is confident his client will soon clear his name.
He told reporters: "Karim didn't participate in anything he is accused of, no blackmail or extortion. This doesn't make any sense.
"He has been accused and charged by the prosecution. This is not proof of culpability. It's only the beginning of the affair."
French Football Federation president Noel Le Graet has offered Benzema words of encouragement.
Le Graet has stressed the FFF are fully behind Benzema as he remains innocent at this stage.
"I have a lot of affection for Karim. He is a great player and a great person. We will not let him down," Le Graet told I-Tele.
"Nothing is definitive as of yet. It would not be the first time someone is taken into custody and then cleared of all charges the day after. There is no such thing as a Benzema affair. We have to wait until justice runs its course and a final decision is made.
"I have no proof he did anything wrong and I will not condemn him. I hope Benzema and Valbuena will be friends again one day.
"Benzema has been an easy target for many. He has been condemned before he could even defend himself. At this stage I believe in his innocence."
Madrid confirmed Benzema was back with the club and trained individually as he continues to recover from the hamstring injury that has kept him out of action since France's win over Armenia on 9 October.
In an additional statement, the club also revealed the player had held talks with president Florentino Perez, who assured him he could rely on their full support during the legal process.
"Karim Benzema trained at Real Madrid City, where he completed an evening session on his own," read the club's media release.
"The forward, who is still recovering from injury, jogged around the training pitch and carried out various exercises with and without the ball.
"Karim Benzema has given his statement to the French authorities. The president of Real Madrid, Florentino Perez, has held a meeting with the player in which he expressed his full support and belief in his innocence.
"The club is sure of his professionalism, values and commitment which he demonstrated during the six years that he has been part of Real Madrid."
Benzema is the second high-profile name to report to police over the case after former France international Djibril Cisse was questioned last month before being released without charge.
