Henry, now with New York Red Bulls, returned to the Gunners on loan last January during the MLS offseason, scoring three goals, including a memorable FA Cup third-round match-winner against Leeds United.
The 35-year-old's decision to train with his former club during the current offseason had led to talk of another possible loan stint this winter, but Wenger believes his squad already possesses sufficient attacking options and said he is unlikely to bring Henry back for a third stint with the club.
"Those who scored today are [Theo] Walcott and [Olivier] Giroud, that proves we already have two good strikers here," Wenger told Canal+ following his side's 7-3 victory over Newcastle on Saturday. "I think that it [the loan move for Henry] will not be done. Because he's just got back from vacation. He will need three-to-four weeks to get in shape. He had a long season too."
Henry established himself as an Arsenal legend during eight hugely successful years in North London between 1999 and 2007, and he remains the club's all-time top scorer with 228 goals.