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.
Speaking to Bloomberg, Dangote 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."
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