Henderson was due to remain at Portman Road until the end of the season, but West Ham have activated a 24-hour release clause to bring the highly-rated keeper back to Upton Park.
The 24-year-old has impressed during his time at Portman Road and has kept six clean sheets in his last nine matches to help Ipswich climb clear of trouble at the wrong end of the Championship table.
West Ham boss Sam Allardyce has been keeping tabs on Henderson's progress at Ipswich and has decided to bring him back to the club for their Premier League run-in.
The news is a blow for Ipswich chief Mick McCarthy as he looks to secure their Championship survival.
Henderson enjoyed two loan spells at Ipswich this season, making 16 appearances between October and January before returning on loan for a second stint on transfer deadline day in the winter transfer window.