The long-running music chart show aired regularly on the BBC between 1964 and 2006, but is now limited to annual Christmas specials.
"Our audience don't consume music like that any more," Bennett argued at this year's Edinburgh International Television Festival. "Music [on television] gets niche very quickly."
The channel head added that music is "very important" to BBC Three, but explained that he would rather focus on a "healthy summer" of live music events.
Bennett also highlighted recently-renewed comedy panel series Unzipped - formerly titled Britain Unzipped - as an entertainment format that could feature live music.
Blur frontman Damon Albarn recently called on BBC producers to revive Top of the Pops as a regular series, claiming that the show's axe "doesn't make any sense".
"I don't understand why it doesn't exist anymore," he said earlier this month. "I never understood that decision."