The Gunners recently completed the permanent signing of David Raya from Brentford following a successful loan spell last season.
Arsenal took up the buy option in Raya's loan deal after he kept 16 clean sheets in 32 top-flight appearances to win the Premier League's Golden Glove Award.
Although Raya will be Arsenal's first-choice shot-stopper, there is some doubt as to who will be the club's backup goalkeeper for next season.
England international Aaron Ramsdale lost his place to Raya last term, and he is now facing an uncertain future at the Emirates Stadium.
Arsenal considering Bentley move
Although Ramsdale is keen to find regular game time, it remains to be seen whether Arsenal will allow him to depart this summer.
The Gunners also have 22-year-old Karl Hein on their books, but he is expected to head out on loan after recently extending his contract with the North London club.
According to The Sun, Arsenal are considering whether to launch a surprise move for Bentley, who is currently Jose Sa's understudy at Molineux.
Wolves are open to the prospect of Bentley's departure, with Gary O'Neil on the lookout for a new reserve goalkeeper for the 2024-25 season.
Bentley's Arsenal links
This is not the first time that Bentley has been associated with Arsenal, as the goalkeeper spent part of his youth career with the North London club.
Bentley spent around seven years with the Gunners, but after being released in 2008, he went on to start his professional career with Southend United.
The 30-year-old then made over 100 appearances for both Brentford and Bristol City, before he completed a move to Wolves in January 2023.
The shot-stopper has spent the majority of his Wolves career on the bench, leaving him to settle for just nine appearances in all competitions.
As it stands, Bentley has less than one year remaining on his contract, but his deal contains an option to extend by a further two years.