Valdes has confirmed he intends to leave the Spanish giants, and will not extend his contract at the Nou Camp. His current deal expires at the end of the 2013-14 season.
Speculation has linked the Barca stopper with a move to the Premier League, and reports in Spain claim Henry is looking to facilitate a deal to bring him to Arsenal.
Henry is Arsenal's all-time club record goalscorer, but also spent time at Barcelona - winning the Champions League with the club in 2009.
And he's reportedly set to use his good relationship to help the Gunners bring the 31-year-old Valdes to the Emirates Stadium.
Valdes and Henry are close friends from their time together as teammates, and Wenger is thought to be a big fan of the Spain keeper.
Current number one Wojciech Szczesny has failed to shine this season, and Arsenal are believed to be looking for an experienced hand to offer competition for the starting shirt.
Valdes, a hugely experienced and successful goalkeeper, would be available for a relatively inexpensive fee on account of his contract situation at Barca, and the report claims Valdes is keen to test his ability abroad.
Arsenal have a strong Spanish contingent at the Emirates Stadium - former-Malaga star Nacho Monreal joined Santi Cazorla and Mikel Arteta in the Gunners first-team in January. And a bid in the region of £8.5m this summer could be enough to add Valdes to that list.
But Arsenal could face competition from Manchester United. The Premier League leaders are also considering Pepe Reina and Asmir Begovic.