The Sun says Henry's French international strike partner will cost cash-strapped Arsenal only £5million.
In seven seasons in Italy, Trezeguet has averaged 20 goals a year.
And Gunners boss Arsene Wenger has always admired the target-man, who made his debut for Monaco when Wenger was their manager.
He also knows Henry and Trezeguet remain firm friends from their time together at Monaco and with France.