Two arch enemies are set to lock horns again on Sunday amid a possible changing of the guard in the capital.
The Gunners have held the upper-hand over their neighbours for a number of years, with Arsene Wenger consistently lifting his side to lofty Premier League finishes.
Spurs are, however, sat four places and 14 points above Arsenal heading into their latest derby date, with Henry conceding that Mauricio Pochettino now possesses a squad brimming with quality.
"It’s difficult for me as an Arsenal man at the minute but you have to be honest," he told Sky Sports. "I can only see right now Alexis Sanchez getting into that team without anyone saying: ‘How come he’s in the team?’
"All the others, I think people will argue with that… but that doesn't mean Tottenham are going to win easily.
"If I was going to the Lane the way it is at the minute and people were thinking: 'We cannot win any big games away from home,' and we can stop them winning the title, I would wake up that day thinking: 'This is my day today.'"
Arsenal are preparing to head White Hart Lane perched four points adrift of the Champions League places.
Spurs, meanwhile, are only four points adrift of table-topping Chelsea, with there five games left in which to try and steal the crown away from Stamford Bridge.