Bendtner is currently on loan at Italian champions Juventus, but has failed to make much of an impression in Turin, and it is believed the Gunners are ready to cut their losses on the Dane.
The 24-year-old has spent much of his time with Arsenal away from the Emirates, having had loan spells at Birmingham City and Sunderland before his current period in Italy.
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"History is filled with examples of players moving between rival clubs and I can't rule out clubs due to where I might have been in the past," the Dane told bold.dk.
"It might not be the best idea but if the project matches my ambitions I would have to be interested."
Bendtner has 45 goals in 79 starts for Arsenal, but has struggled to establish himself as first choice in Arsene Wenger’s front line.
And despite his nomadic career to date, the Dane admits that he would like to stay in the English capital.
"I still have a great relationship with London, which is a city that I adore,” he added.
"I have a lot of friends in London and there are a lot of great clubs in London, so I wouldn't rule out a return."