The French forward left the Gunners for Barcelona in 2007 after scoring 228 in 378 appearances for the north London club, and Goal.com has exclusively revealed the striker will be training with his former club in December.
And the 63-year-old boss was coy on whether he would be asking the former fan favourite to join for another short-team deal this year, highlighting the "hope" he could offer from the bench.
"[Henry] has been practising with us. Three times. Will I sign him again in January? I don't know - I don't rule it out. I don't know if he would be interested," he told reporters.
"This year we will lose Gervinho to the Africa Cup of Nations again, so we will be short - particularly if Chamakh goes."
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And with the tournament starting on January 19 and ending on February 10, the forward duo could be gone for as long as a month when travel and training are factored in to the equation.
With Wenger hailing Henry as a player who can give players and fans "hope" at the club he loves, a potential deal could be on the cards for the 35-year-old.
He continued: "You know what he gives you. He gives you hope, especially when he comes on. That is the most important thing.
"He is a communicator," he added. "An extrovert. Very intelligent. He can only give good advice to players because he was in their position when he arrived here."