Arsenal were unwilling to let the 25-year-old leave to join Crystal Palace unless they could bring in another striker first and, after failing to complete a loan deal for Chelsea forward Demba Ba, they decided to keep Bendtner.
The Denmark international has now released a statement detailing his frustration at failing to secure a fresh challenge at another club, but he is determined to try to contribute to Arsenal this season.
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"An agreement had been reached with more than one club this week but as Arsenal were unable to secure the services of another striker, they reserved their right to not sanction any deal to be concluded.
"Naturally, I was very disappointed as I was looking forward to a new challenge, with a new club and a fresh start in English football.
"Many things have been said about my where my future lies after many years at Arsenal; the truth is I just want to play football which is when I'm happiest and Arsenal is a fantastic environment for any professional to apply their trade.
"I still feel very strongly about Arsenal football club and following positive talks with the manager, I am looking forward to working hard to regain full fitness and doing my very best to help to the team and the manager fulfil our objectives and ambitions this season.
"I've learnt a lot from my loan experiences at Sunderland and Juventus and I want to assure all Arsenal fans that I will give everything I have to contribute to what I believe will be a successful season for the club."