The 24-year-old spent the 2011-12 season on loan at Sunderland, where he scored eight times in 29 Premier League games.
But, it was Bendtner's performances for Denmark at Euro 2012 that put him back on the market as a proven goal scorer.
Bendtner scored two goals against Portugal, a team he has always played well against, in the second game of Group B.
The Danish international player needed a good tournament, even if it lasted only three games, to prove to potential buyers that he will be a good signing.
Bendtner has been on the way out at Arsenal since the beginning of last season when Gunners manager Arsene Wenger brought in attack-minded players Gervinho and Mikel Arteta.
Another factor in the potential departure of Bendtner from the Emirates Stadium is the signing of Lukas Podolski from Cologne, and the further development of the young players Alex Oxlade-Chamberlain and the currently injured blooming superstar Jack Wilshere.
If he were to go back to the Gunners, it would be close to impossible for Bendtner to find a spot in the starting lineup.
If he does make a move to Benfica, Bendtner will not have the pressure of being a No. 1 striker, as Oscar Cardozo holds that role.
Bendtner would likely compete with Portuguese youngster Nelson Oliviera, who has come on as a substitute for Portugal at Euro 2012, for the No. 2 forward position.
Whether or not he makes the move to Benfica, one thing is for sure: Nicklas Bendtner will not get playing time at Arsenal if he sticks around Emirates Stadium for another year.