The 24-year-old striker is currently on a season-long loan at Serie A giants Juventus, but has struggled to make an impact in Italy, finding his first-team opportunities limited in Turin.
Bendtner spent last season on loan at Premier League side Sunderland, with his future at the Emirates Stadium under Gunners boss Arsene Wenger looking increasingly bleak.
Upon his return to north London, the Danish international has not discounted the prospect of following likes of William Gallas and Emmanuel Adebayor, in playing for both Arsenal and Tottenham.
"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," Bendtner told bold.dk.
"It might not be the best idea but if the project matches my ambitions I would have to be interested."
Spurs are currently low on attacking options at White Hart Lane, with Andre Villas-Boas restricted to Jermain Defoe and Adebayor as his only real forward options. And, following the Togolese star's sending off against Arsenal in the north London derby defeat on Saturday, the squad will be even more stretched in that department in the run-up to Christmas.
Whilst a move for Bendtner in the forthcoming January transfer window is unlikely, due to his commitments with Juventus, the two clubs might be able to come to an agreement next summer.
"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."