However, following a dismal start to the 2018-19 season, Jardim has been sacked with Monaco in the relegation zone after five defeats in their first nine games.
Reports out of France and England have stated that the Arsenal legend is the favorite to be named the new manager of Monaco, after the club on the French Riviera sacked manager Leonardo Jardim following a poor start to the Ligue Un season.
In a club statement, Jardim applauded the Ligue 1 campaigners, in his four year stay with them.
Jardim said: "I am grateful and proud to have trained AS Monaco for more than four years". I have always given the best of myself and worked with passion. "We had some great victories together and I will always keep those memories".
The 44-year old's departure now paves way for Henry, who has been tipped to take over at the Stade Louis II. He is expected to travel to Monaco on Saturday.
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"I want to thank Leonardo with deepest respect for all the work he has done", Vasilyev's said.
Henry is the bookies' favourite to replace Jardim after previously being linked with the Aston Villa job.
Henry was reportedly set to take his first step in management at Ligue 1 club Bordeaux this summer, but that never materialised.
According to Sky sources, the Villa hierarchy are no longer interested in hiring Henry after the sacking of Steve Bruce earlier in the season. Since the World Cup, it's seemed that Henry was looking for a full manager position either in England or overseas, but he was playing his cards close to the vest and waiting for the best opportunity.
Thierry Henry is set to be confirmed as Monaco's new manager this weekend and the former Arsenal star is ready to raid hi old club as he finalises plans for his backroom team.