The Gunners are said to have earmarked the 30-year-old as an ideal backup option to David Raya and Aaron Ramsdale and are hoping to bring him to the Emirates as their third-choice goalkeeper.
Arthur Okonkwo has already left the club to sign for League One new boys Wrexham on a permanent deal, while Karl Hein is expected to be sent out on loan after signing a new contract.
There is still uncertainty over Ramsdale's future, as the England international is expected to push for an exit after being demoted to second choice behind Raya, whose loan from Brentford was converted into a permanent deal last week.
Bentley could therefore arrive as Mikel Arteta's new number two, but according to the Evening Standard, Arsenal have failed with their first official bid for the 30-year-old shot-stopper.
Arsenal 'offer just £50k' for Bentley
The report claims that the Gunners offered a mere £50,000 for Bentley, who is in the last year of his contract at Molineux, but their bid was "a long way off" Wolves' valuation and was immediately turned down.
Gary O'Neil's side are supposedly not averse to selling Bentley, who is their second-choice goalkeeper behind Jose Sa, but they will only let him leave for a reasonable amount of money that they can use to strengthen their squad.
Bentley began his career in Arsenal's academy, spending seven years in North London from 2001 until 200 before being released and subsequently joining Southend United, where he made his senior breakthrough.
Stints at Brentford and Bristol City followed for Bentley before his £48k transfer to Wolves in January 2023, but he has made just nine appearances for O'Neil's side over the past year and a half.
However, seven of those outings have come in the Premier League, including five in the 2023-24 top-flight campaign, where he replaced the injured Sa in a 2-1 loss to Arsenal at the Emirates before keeping a clean sheet in a 1-0 win over Burnley.
What other goalkeepers are Arsenal targeting?
As Ramsdale has affirmed that he never wants to experience another season like 2023-24 ever again, and Raya has officially signed for Arsenal for the long-term, the former is surely on the way out this summer.
While the Gunners should not need to pay an extortionate amount to re-sign Bentley - potentially succeeding with a six-figure sum - they are not putting all their goalkeeping eggs in one basket and have been linked with a couple of alternatives.
Feyenoord's Justin Bijlow - who could be available for around £10m - is believed to be of interest, although Arsenal may have to fend off the threat of Liverpool, whose head coach Arne Slot could target a reunion if Caoimhin Kelleher leaves.
The Gunners are also thought to have taken a liking to Real Madrid's Andriy Lunin, who enjoyed a breakout season in the Blancos XI last season but has now been demoted to second fiddle behind a fit-again Thibaut Courtois.