The Frenchman now plays for MLS giants New York Red Bulls, but with the American season set to end soon he could be available to sign with the club for the third time.
He turned out for the Gunners in a similar capacity last winter netting two important goals in seven appearances before returning to the States.
With Arsene Wenger is set to lose Ivorian forward Gervinho during the New Year due to African Cup of Nations duty, he is said to be considering the possibility of bringing the 35-year-old in on a temporary deal for the hectic winter period.
An official deal is yet to be announced, but it is believed that representatives will discuss the possibility with Henry next month.
Wenger is keen to bring back the talismanic striker:
“You know what Thierry gives you: he gives you hope, especially when he comes on (as a substitute). That is the most important thing.” He is quoted by the Daily Mail.
“He is a communicator, an extrovert and very intelligent. I had always resisted (bringing him back). Last year I did it because we lost Gervinho.
“This year we lose Gervinho again as they are playing the Africa Cup of Nations two years in a row. So we will be confronted with a shortage – particularly if (Marouane) Chamakh should go. Then we will be short.”
Henry is not the only MLS star to have utilised the opportunity to play during the off-season, with the likes of David Beckham, Robbie Keane and Landon Donovan all having performed in Europe to maintain match fitness.