Henry took charge of the French club in October following the sacking of Leonardo Jardim, signing a contract until June 2021.
“It seems like fate that I will begin my managerial career here,” Henry said at the time, referencing his playing career which began at the Stade Louis II.
The 2017 Ligue 1 champions were in a treacherous position when their most famous youth product took the reins, sitting third from bottom in the league.
Leaving his post as Belgium assistant coach to delve into the world of first-team management, but has been unable to stop the rot.
Monaco now lie 19th, three points adrift of the relegation zone after losing 5-1 to Strasbourg last Saturday.
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Henry has won just two of his 12 league games in charge, losing seven.
And speculation regarding his future was given some clarity on Thursday night when Monaco released a 22-word statement on the club website.
“AS Monaco announces that it has decided to suspend first-team coach Thierry Henry,” it read.
“Franck Passi will train the professional group this Friday.”
The obscure statements suggests the board are yet to make a final decision on Henry’s tenure, but the telltale signs are not positive.
Passi was appointed Henry’s assistant manager five weeks ago and has assumed the role of caretaker manager on four different occasions in his career across stints at Marseille and Lille.
The Ligue 1 strugglers next face 18th-placed Dijon FCO on Saturday, in relegation six-pointer.