The Times suggests that Dortmund are prepared to pay £11million for the 23-year old Dane and will really go after him if Paraguayan forward Lucas Barrios happens to depart.
Bendtner's father and agent has already stated that Dortmund are keen on his son, lending some truth to the speculation.
"There is interest from several German clubs. I can confirm that Borussia Dortmund would like to buy," he told Sporten.dk.
"Unfortunately I cannot comment on whether there have been any negotiations between Dortmund and Nicklas or Dortmund and Arsenal."