Henry has already spoken this week about returning to Arsenal in some capacity - even as 'water boy'.
"I can see him coming back because I believe at some stage the legacy here has to go to people who have had a big influence at this club," Wenger said. "I have to stop one day and maybe it will be me working with them.
"Thierry is obsessed with football. He watched our youth team on TV last year, on Arsenal TV. He loves the game, but does he love to suffer? That's what he has to show as a manager. Time will show.
"All my former players have the attributes, but it has to be a choice of life. Being a manager is a sacrifice of the rest of your life and not everybody is ready for that. It's nothing to do with intelligence, it's nothing to do with capabilities. It is difficult to spend an hour without thinking about football."