The Nigerian has been keen to take control of the Gunners for a number of years and was linked with a stake in the club when former director Lady Nina Bracewell-Smith was selling her shares in 2010.
Majority shareholder Stan Kroenke remains committed to Arsenal for the long-term while Uzbek magnate Alisher Usmanov, who controls around 30 per cent of the club, has also expressed no desire in selling any of his stock.
But Dangote, whose business interests include sugar, flour and oil, is refusing to rule out taking charge of the Londoners in the future.
Speaking to Bloomberg, he said: “I still hope, one day at the right price, that I will 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.”
However, the 58-year-old was quick to point out that, despite the interest, no bid for the Premier League side ‘is in the pipeline’.
“We have 16 billion dollars-worth of investments in the next few years,” he added. “Right now I want to take my own business to a certain level. Once I finish on that trajectory, then maybe.”
Arsenal, who beat Hull 3-1 on Monday to give themselves a good chance of finishing second to Chelsea, will face Aston Villa in the FA Cup final at Wembley on May 30.
Dangote, however, suggested Emirates boss Arsene Wenger’s side should be achieving more.
“Wenger needs to change his style a bit,” he said. “They need new direction.”