The Nigerian cement magnate, worth an estimated £8.4bn, says he has no doubt he has the capital to complete a full takeover of the Premier League.
And the Arsenal fan believes he has the business acumen to achieve greater success than current American owner Stan Kroenke, worth an estimated £5.4bn.
"It's not about buying Arsenal and just continuing with business as usual," Dangote told Bloomberg.
"It's about buying Arsenal and turning it around. I've run a very successful business and I think I can also run a very successful team."
Dangote held talks with former Arsenal shareholder Lady Nina Bracewell-Smith in 2010 about buying a 15.9 per cent stake in the club, but eventually backed out of the deal before the shares were sold to Kroenke a year later.
The 59-year-old's wealth has increased significantly in the last six years as he has gone from being the 463rd to 51st richest person in the world — although he lost a reported $4.4bn last year due to the depreciation of the Nigerian naira.
Yet he told Bloomberg he wants to wait until recent investments in gas and oil improve before launching a bid for the North London club.
"Maybe three to four years," said Dangote when asked when he was planning to make a move for Arsenal. "The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I'll focus on this."