Former Juventus striker Bendtner has been out of favour in London and could return to Italy to obtain regular first team football.
The Daily Mail reports that Arsenal are willing to offload the Dane to Lazio president Claudio Lotito and a deal could progress over the coming week.
Bendtner has only featured in 12 matches, scoring twice this season.
However, his agent has reported that the 26-year-old is focused on his Arsenal career and is not considering a move to Serie A.
“We have not been in touch with Arsenal about a move,” Bendtner’s agent Tom Brooks told Danish football magazine Tipsbladet.
“We might discuss it with Arsenal later in case it is necessary but Nicklas is focused on Arsenal and regaining his fitness.”