Henry remains close to the club and to Wenger, but the Premier League boss is still uncertain about his return.
He said, “[Our relationship is] very close but, at the moment, I think he has had a second spell at the Club that was very successful.
“You have to be cautious that it’s not one time too many.
“[I have] not completely ruled it out but I haven’t spoken about it with him at all.”
With the transfer window just four days away the latest transfer news and gossips have linked the Gunners to a number of players including FC Barcelona striker David Villa and Newcastle frontman Bemba Ba.
However, the Arsenal manager isn’t paying too much attention to the rumors.
He does acknowledged that he wants to enhance his squad in January, but said he won’t be making any massive spending to do quick business.
“If possible, yes [we will do our business early],” he said.
“But we don’t decide that. The pace of the transfer deal is not only decided by us.”
Wenger said nothing much on the Villa Story, but is ruling out any transfer move for Newcastle United’s Ba.
Villa is still being linked with Chelsea FC, who are said to be in pole position to sign the Barcelona star.