Arsene Wenger is out of work after leaving Arsenal in the summer.
The Frenchman is keen to get back into management but has insisted he will not rush things.
He denied on live TV last night that he was set to take over as AC Milan manager.
“The only thing I can say is it’s fake news,” Wenger said.
“If I would sign somewhere I would tell you but it’s wrong news.”
His refusal to discuss Milan has triggered claims Wenger is on the lookout for another post, with Monaco a possible destination.
Bookmakers Paddy Power have Wenger priced at 16/1 to be named the co-manager of Monaco alongside Henry, who played under the veteran at Arsenal.
It comes as the Ligue 1 club desperately seek results.
The principality side sit second bottom of the French top tier, having won just one game all season.
Thierry Henry has failed to find a win in the five games he has been in charge of since being appointed boss earlier this autumn.
Wenger used to manage Monaco and could return to the club to save them from what could be an embarrassing relegation.
Spokesman Paddy Power said: “Thierry Henry’s first job in management has, so far, been nothing short of a nightmare. So much so, that he probably wishes he’d taken that job at Aston Villa.
“But, we think it could be time for him to throw up the bat-signal and hope his former boss comes running. Wenger to the rescue.”
Henry is 5/2 to be sacked before Christmas as pressure mounts on the Arsenal icon.
His side lost 4-0 at home to Club Brugge on Tuesday night to exit the Champions League after just four group games.
“The score does not really reflect the match, but in the Champions League if you do not score, you find yourself in this situation,” Henry said afterwards.
“In spite of our good start to the match, we fail to score. After we take concede three goals in 12 minutes I noticed that as soon as we missed something we stopped playing.
“When we look at the tactics, we had problems at the beginning of the game We had opportunities despite their defence, but if you do not put the ball away, it becomes difficult.
“What I remember tonight is that we lost a new player, Kamil Glik, I also remember the good entries of Massengo and Gouano who tried to boost Sofiane Diop, who was still good tonight, and Moussa Sylla improved. Young people are pulling us up.
“We have to try to find the right path, now we know what to focus on and we must try to be positive, we have to try to do everything to find calmness, but as long as you don’t win, we miss it, it’s difficult.”