Bendtner has admitted he will be look to leave the Gunners in the summer after Arsene Wenger signed Germany forward Lukas Podolski to his squad and is close to signing Montpellier striker Oliver Giroud.
The 24-year-old spent the previous campaign on loan at Sunderland scoring eight goals in 30 games for the Black Cats who opted not to make the move a permanent one.
His bright performances for Denmark at Euro 2012 has caused interest to surge but agent Tom Brooks maintains his client is still unsure as to where he will be plying his trade next season.
Emerging La Liga giants Malaga have been linked and could provide Champions League football whilst Swansea are thought to have shown an interest but Brooks insists they have several options on the table.
“We are in negotiations with several clubs,” Brooks told BT. “We are reviewing the options before we decide where his future will be.”
Bendtner was recently fined €100,000 (£80,000) by UEFA last week after revealing the logo of sponsor Paddy Power on his waistband whilst celebrating following his goal against Portugal insisting he was unaware of committing any wrongdoing.
He said: “It is just a pair of lucky boxer shorts that I used in the first game as well and have used before the tournament.
“I didn’t know I was breaking any rules but I am aware of that now.”
The punishment was widely criticised as being unnecessarily harsh leading to the Irish online gaming company to declare on Tuesday that they would pay the fine.
The Dublin-based firm said on its website blog.paddypower.com: “We’ve decided to foot the bill for the fine. Paddy Power are paying Bendtner’s massively over the top 100,000-euro fine.”
Spokesman Ken Robertson added: “We don’t believe that Nicklas should be penalised for nothing more serious than wearing his lucky underpants which in fairness was only a bit of fun.”