Thierry Henry will sign a two-month loan with Arsenal if insurance can be arranged with the New York Red Bulls, Arsene Wenger has confirmed.
The former Arsenal captain, 34, has been training with the club during the Major League Soccer off-season.
Gunners boss Wenger said: "For two months it certainly will happen. I don't take care of the agreement and insurance and that is not completed.
"We cannot announce anything [now] because the paperwork is not done."
With Gervinho and Marouane Chamakh set to depart for the Africa Cup of Nations in January, the Frenchman would offer back-up to captain Robin van Persie.
Henry is Arsenal's all-time leading goalscorer, with 226 goals in 370 appearances for the club before he moved to Barcelona in June 2007.
Wenger said: "To cover for two months is ideal. He has the experience and the quality. He knows the club and can help the players on and off the pitch.
"He has exceptional talent and is a very intelligent man. It can only be positive.
"He still has class, pace and quality. He is here to help the club he loves. But we must not put too much pressure on him, he is 34. He needs two good weeks' work. He is here to help - not suddenly be the main player."
The French forward does not have to return to the New York Red Bulls until March, which means he could feature in seven Premier League games, including key encounters against Manchester United and Tottenham, as well as FA Cup ties and the first leg of Arsenal's Champions League last-16 clash against AC Milan.
If agreement is reached with the Red Bulls, he could feature in Arsenal's FA Cup third-round tie against Leeds on 9 January.
A statue of Henry was recently installed outside the Emirates Stadium.