The long-running music chart show aired regularly on the BBC between 1964 and 2006, but is now limited to annual Christmas specials.
© BBC
"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."
