The 35-year-old scored 228 goals in 337 appearances for the Gunners and now plies his trade with New York Red Bulls in the United States.
Henry returned to the Emirates Stadium on a short-term loan this time last year and had been lined up for a similar move this January.
However, after much talk, Wenger has revealed he will not be returning to the club.
"I think he goes away somewhere," the Arsenal boss said after the 1-1 draw at Southampton.
"He is not ready, he has just come back from holiday anyway. At the moment we are not on that case."
Asked for clarification, he said: "No [it is not happening]".
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