The retired striker, who now works as a pundit for Sky Sports, was speaking shortly before Arsenal's unexpected 2-0 win over Manchester City on Sunday afternoon when he was asked if Arsene Wenger should look into the possibility of re-signing the defensive midfielder.
And Henry, who believes Arsenal have regressed over recent years, responded with an emphatic 'yes'.
Henry: Song would improve Arsenal
"Song would improve Arsenal," the Frenchman added. "That is the type of player you want in front of your back four.
"Song is the captain of the boat. He protects the back four. You need someone to dictate, put players into position, make little fouls by kicking someone - like Claude Makelele used to do."
Song spent six years with Arsenal
Song spent six years at Arsenal after joining the club from Bastia in 2006 - and went on to cement his status as one of the team's most important players.
The former Cameroon international enjoyed a superb final campaign with the Gunners, who eventually agreed to sell the midfielder to Barcelona for £15 million in August 2012.
However, Song has failed to produce his best form at the Camp Nou, where he has played a peripheral role.
Current Barcelona boss Luis Enrique chose to send Song out on loan at the end of August - and despite considerable interest from a host of top clubs, the African ended up signing a season-long deal with West Ham.
The Hammers have enjoyed an excellent season so far with Song in the side and currently sit seventh in the Premier League table, four points behind fourth-placed Manchester United.
Barcelona expected to sell Song this summer
Despite his talismanic performances at Upton Park this season, Barcelona are expected to sell Song in the summer - allowing the likes of West Ham, Arsenal and Manchester United to battle for his signature.
But there will be Arsenal fans, following Sunday's win at the Etihad Stadium, who may prefer to see 23-year-old midfielder Francis Coquelin develop.
The France Under-21 international has performed admirably since returning to Arsenal from his loan spell with Charlton last month - and was arguably the Gunners' standout performer against the Citizens.
Arsenal fans: would you welcome Song back to the Emirates Stadium? Do you even need him? Have your say in the comments below.