The prolific Frenchman made a return to the Gunners after New York Red Bulls allowed him to go out on loan to his former club.
Since returning, the 34-year-old has already scored twice in five substitute appearances, coming off the bench to contribute Arsenal's seventh in Saturday's 7-1 victory over Blackburn Rovers.
"There is the possibility of two more weeks, but we will have to see," said Wenger, according to The Sunday Mirror.
Should Henry remain at Arsenal for two more weeks, he would be available for the north London derby against Tottenham Hotspur on February 26.
Against Blackburn, Robin van Persie opened the scoring and went on to score his second hat-trick of the campaign to add to his impressive tally of goals (now 28 from 31 appearances in all competitions), and the former Monaco boss was full of praise for his striker's performance.
"He is an exceptional player," said Wenger
"His skills should be shown at every football school. His movement is fantastic."
Van Persie has now netted a total of 123 goals for Arsenal, putting him 10th on the list of the club's all-time leading scorers, having moved ahead of compatriot Dennis Bergkamp (120) with Saturday's hat-trick. Henry tops the list with 228.
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