The 29-year-old helped the Reds lift their sixth Champions League trophy last month.
Henderson's success was celebrated on Wearside, where he was born and bred, but the former Sunderland midfielder wants to wait before accepting the honour.
Councillor Michael Mordey, deputy leader of Sunderland City Council, said: "We are very pleased to say that Jordan has said that he would be proud to accept the freedom of his home city at some point in the future.
"Jordan obviously has his immediate sights firmly set on what he wants to achieve on the football pitch. It may well be that honouring him as one of the city's greats is something that is likely to happen in years to come rather than in the next couple of seasons.
"In the meantime, however, we are delighted to announce that Jordan has agreed to become an ambassador for the City of Sunderland, a role for which he is supremely qualified."