The Danish striker, who was on target for the Gunners in their 2-0 home win against Hull City in the Premier League on Wednesday, is out of contract at the end of the season.
"At the moment we are not as far as that," the Frenchman told reporters. "He has the stature, he has good technical quality, he has quite good pace.
"Look, we had him as a boy of 15 or 16 and I made him sign a long contract twice so that means I always believed in his qualities."
Bendtner has been on the books of Arsenal since 2004.