The Dane was struggling with the Gunners in the summer of 2013 and pushed for a move to Crystal Palace.
But the deal fell through after Wenger could not find a suitable replacement.
"I was very happy going to Palace," Bendtner told arsenal.com. "We were sat four days before the transfer window closed and I had agreed the move and everything, I was just waiting to see if Arsenal could bring in another striker.
"But unfortunately they couldn't and I had to go back the next day. (Arsene and I) had a heated discussion on the phone due to me not wanting to come back and wanting to sign for Palace, but he couldn't let me go because he was thinking of the club and team, so he was right and I was right in brackets, if you know what I mean.
"In that time the ideal situation would probably have been if they got another striker and I could have moved on to Palace, but that's also sometimes those career-defining moments. If I would have gone there, the situation would have looked a lot different, so I came back to Arsenal and I was part of the team for six months until I scored a winner and got injured with my ankle and then from that moment, I didn't go and play with the first team again.
"Obviously it was very difficult not being part of the matchday and just waiting to move, but I have huge respect for Arsene and I think he was an amazing manager and what he did for the club, a club that I've always loved, was phenomenal. The way he was thinking, I can look back now and say he never did anything for himself.
"He always did everything he could for for the club with his mind and what is best for the club, and that's very admirable. He wasn't afraid of taking big decisions in the greater good and I think that's one of the top traits as a top manager. Even though we had a disagreement, I have tremendous respect for him and what he's done."