The Danish international spent an injury-ravaged season on loan at Juventus last term, and barely made an impression on the Italian side's Serie 'A' winning campaign.
He's out of contract at the end of next season, but Danish newspaper BT claims Malaga are willing to pay Arsenal €5m this summer to take him off their hands.
Bendtner missed the majority of the last campaign with two serious injuries - one to his wrist and the other to his left thigh.
The 25-year-old failed to find the target during his nine league appearances for the Serie 'A' champions, and he's thought to be surplus to requirements at the Emirates Stadium.
The Gunners have been linked with a big-money move for a new forward, and already have Olivier Giroud, Lukas Podolski and Theo Walcott - all are capable of operating through the middle.
France under-21 international Yaya Sanogo is also expected to complete his move to Arsenal later this summer, which means Bendtner is unlikely to find a role for himself in north London.
Recent reports suggested five bids had been forthcoming for the Denmark striker, and it seems Malaga could be one of those.