The Danish international looked certain to leave the Emirates Stadium after spending the previous two seasons on loan at Sunderland and Juventus respectively.
Wenger failed to land a striker during the summer transfer window, which meant that he did not allow the 25-year-old to move to Crystal Palace.
However, the Frenchman hinted that striker may still have a future with the Gunners.
"I had a chat with him because I blocked his move," Wenger told reporters. "I wanted him to stay in the end because I felt that we were short up front, that Yaya Sanogo might need a few months to adapt.
"As well as that Nicklas Bendtner, with the right state of mind and the right focus, has the quality to help the squad to win things.
"He is an honest guy. We want complete commitment and focus from him and he promised that. Nicklas Bendtner, with complete focus and commitment, will be a very strong player in our squad."
Bendtner made 11 appearances for the Bianconeri last season without finding the net.