The Frenchman has been strongly linked with a third spell at the club for which he is the all-time leading goalscorer.
Yet despite all the talk, and the fact Henry is currently training with the Gunners, Wenger says he is yet to speak with the 35-year-old about a loan.
“I’ve not lost interest in him … but I haven’t spoken about it with him at all,” Wenger said.
The New York Red Bulls striker is training at Arsenal’s Hertfordshire base during the MLS off-season, and is in theory available to join the Gunners on loan in a repeat of the deal which saw him return last season.
During that spell Henry scored two match winning goals and provided a lift for beleaguered fans. Yet despite last year’s famous return, Wenger is exercising caution about another spell at the club for which Henry has scored 228 goals.
“He has had a second spell at the club that was very successful. You have to be cautious that it’s not one time too many.”