The 37-year-old former Gunners' striker is to return to England to take up a new role as a media pundit having left the New York Red Bulls after the MLS season finished.
Henry will also work on his coaching badges, which could well involve some sort of link up again with Arsenal, for whom he scored a club record 228 goals.
Wenger signed Henry from Juventus for £11million in 1999 and converted the player he coached at Monaco from a wide midfielder to one of the most feared strikers on the planet.
While Henry feels he still has so much to learn before he can consider taking on a management position, Wenger believes the Frenchman already possesses one of the most important traits of the job.
"As well as his extraordinary passion for football, he always showed an incredible insight in his judgement of players
He has a real ability to unearth talent," Wenger told L'Equipe.
The Gunners boss believes Henry's determination will help him succeed in the dugout
Wenger added: "Thierry is blessed with a strong personality and he could get angry, but once he had refound his calm, he was always very clear-headed.
"Ninety per cent of the time, it was a pleasure and 10 per cent we could feel the little differences in our view of things."
After winning the Premier League title twice with Arsenal, including the Invincibles campaign of 2003/2004 and three FA Cup triumphs, Henry left for Barcelona in 2007, going on to win the Champions League, which had eluded the Gunners despite their domestic dominance.
There is already a bronze statue of Henry, who returned for a short loan spell from New York in January 2012, outside the Emirates Stadium.
Wenger, though, suggested France also needed to properly honour one of Les Bleus greatest ever players, who netted 51 goals in 123 appearances, winning the 1998 World Cup and Euro 2000.
The Arsenal manager added: "We will organise something in his honour and I hope the France team will also give him the recognition that he deserves.
"We cannot just end it like this
He deserves a proper tribute
It is very important."
Henry has made no secret of his desire to rejoin Arsenal in some capacity going forwards, and labelled being their manager his 'dream job'.
Wenger added: "He will end up at Arsenal one day
Coach? Manager? Director? I don't know.
"I think that first he has to take a step back and think about what he really wants to do in his new life.
"To be a coach you need to sacrifice your life
What is certain is that Thierry will stay in football
He will be a pundit of huge quality in the media."
Source : PA
Source: PA