Arsenal boss Wenger is under increasing pressure at the Emirates after Guardiola steered Manchester City to a 3-0 win last night.
That loss was the third consecutive reverse for the Gunners as they tumble further away from the top clubs in the country.
Now Wenger is facing calls for him to be sacked now if the club want to get themselves back challenging for major honours again.
Gunners goalscoring hero Henry is one of the names being mentioned as a possible replacement should Wenger leave the club.
Henry has admitted in the past that it would be a dream for him to manage the club he played for in two spells in his career.
And City boss Guardiola, who worked with Henry when he was in charge of Barcelona, is convinced the former striker can be a success in the dug-out.
Guardiola said: "If he wants to be manager, he has the talent to do it.
GUNNED DOWN Man City have already shattered most of Arsenal's 'Invincibles' records
"But he has to decide, not me."
Henry is currently gaining experience in coaching working as assistant to Roberto Martinez with Belgium, and he is understood to be focused on helping their World Cup challenge this summer.
But there is a growing feeling the top job at Arsenal could become available as Wenger faces increasing calls to leave after 22 years in charge.
The 68-year-old still has another season left to run on the two-year contract he signed last summer, but the team's struggles this season have left his future in doubt.
Guardiola added: "He knows my admiration of him. We fight and play many times at Barcelona, Bayern Munich and here in the Premier League.
"I know all the managers can be in that situation.
"I'm sure he is going to take the right decision for him, for the players, for the club."
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