Dangote, who is Africa's richest man with an estimated fortune of£8.5billion, has never hidden his desire to take over the North London outfit one day.
The 61-year-old, who lives in Nigeria, publicly said two years ago he would make his move once the building of one of the world's largest oil refineries was completed in Lagos.
However, the Gunners fan would have no hesitation in purchasing another club – if Kroenke turns down his advances.
Kroenke recently completed a full takeover at the Emirates after a power battle with Alisher Usmanov.
SunSport columnist and Arsenal legend Ian Wright called the news "absolutely disastrous."
Speaking to Bloomberg TV, Dangote reiterated his stance – hinting he is ready to look elsewhere.
He said: “I’m very attached to Arsenal but if he won’t sell, I might have to change.
“I’m very much a fan of football. I'll like to have a club.
"I don’t have to own Arsenal, though.
“By the time we’ve finished [the oil refinery], we’ll be a £22.8bn company in terms of revenue.”
Dangote further revealed that the refinery is set to start producing fuel by early 2020.
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