Thierry Henry could reportedly feature for Arsenal against Swansea City in the FA Cup third round tie on January 6.
According to the Daily Mail, the London club's negotiations with New York Red Bulls are at an advanced stage and a deal been agreed in principle.
It has been reported that Henry will officially start his second loan spell at the Emirates on January 1 and will be ready to play against the Swans at the Liberty Stadium five days later.
However, the two clubs are yet to decide on the duration of the loan stint.
Arsenal manager Arsene Wenger wants Henry to remain with his team until the end of the season, but the American club insist on having the 35-year-old back for the start of the new MLS season in March.
Henry played on loan for Arsenal for six weeks last season.
