Dangote was linked with making an approach to buy a stake in Arsenal in 2010, before he said he decided against the investment.
This week, however, Dangote has been quoted as saying: "I still hope, one day at the right price, that I'll buy the team.
"I might buy it, not at a ridiculous price but a price that the owners won't want to resist. I know my strategy."
Arsenal fan Dangote is Africa's richest man, according to Forbes, and is worth $15.7 billion, reports the Bloomberg Billionaires Index.
American businessman Stan Kroenke currently holds a 67 percent stake in Arsenal, reports Bloomberg, while Red and White Holdings, backed by Russian magnate Alisher Usmanov, has 30 percent.
Kroenke also owns the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and MLS' Colorado Rapids.
Dangote said: "We have $16 billion-worth of investments in the next few years. Right now I want to take my own business to a certain level. Once I finish on that trajectory, then maybe" an offer will follow.
The Nigerian also added that Arsenal "need new direction" and manager Arsene Wenger "needs to change his style a bit."
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