Henry will soon start full-time training with the Gunners again, and is interested in signing up for a temporary switch to his former club for a second successive winter.
The Arsenal legend, who remains the club's record goal scorer, returned to the Emirates Stadium on a six week loan last season from current club New York Red Bulls.
According to the Sunday Mirror, who quote a 'close friend' as a source, Henry is unable to resist the lure of returning to Arsenal once more. However the move will only go ahead if he can get clearance from his current club, who are reportedly hesitant to do so.
Henry began training with Arsenal after New York Red Bulls' season came to an end earlier this month and will resume with his former club in December. His arrival would help ease Arsenal's potential striker crisis, with both Gervinho and Marouane Chamakh set to leave for the African Cup of Nations in the new year.
The former Barcelona forward was present at Arsenal's 5-2 demolition of rivals Tottenham last week.