Henry, 34, who played for Arsenal from 1999 until 2007 and is their all-time record goalscorer, would play for Arsenal during Major League Soccer’s close-season.
Arsenal manager Wenger told a news conference at the club’s training ground at London Colney: “It’s a two month loan deal - the paperwork needs to be done, the agreements, the insurances, I don’t take care of that, but that is not completed.
“We have to respect all of the agreements with the MLS and Red Bulls to finalize it, so we cannot announce it yet, it is not done.
“We are doing it because Marouane Chamakh and Gervinho are going to the African Nations Cup and he will be ideal cover for two months.
“(Henry) has experience, quality, he knows the club, he can help the players on and off the pitch, and that’s basically it.”
