The 25-year-old, who arrived in North London eight years ago, turned down a move to Hamburg in January, but Arsenal are understood to have lowered their asking price to around £3m for the Dane.
Borussia Monchengladbach, Eintracht Frankfurt and Besiktas are thought to be among the teams to have agreed terms with Arsenal for the forward.
Speaking to Danish newspaper Ekstra Bladet, Bendtner said: "Arsenal have agreed with five clubs so now it is up to me to make a choice.
"I will make that choice within the next 14 days. They are all good clubs. It is a hugely important choice I'm faced with. I must go where I am wanted. As a footballer, there is only one thing that can make you happy: playing time."
Bendtner has not played for Arsene Wenger's side since 2011, following two season-long loans at Sunderland and Juventus.
And, for the first time, the Dane indicates his next move may not be to one of Europe's elite.
"Will it be good for me to go to a big club where I risk the bench? No, I'd rather go somewhere where the club is located just below the top where I can play every week," he said.
"I can take a step back to take three forward."