Birmingham-born Henry - a product of the Saddlers' youth academy who joined the club at eleven years of age - made almost sixty first-team appearances for the Saddlers before following former manager Dean Smith to Brentford in August 2016 for a fee believed to be an initial £1.5m plus several potential add-ons.
According to The Sun, Brentford, who recently sold former Saddler Romaine Sawyers to West Brom, are expected to demand fee of around £7m for Henry with the Griffin Park side also likely to insist upon several add-ons with a view to cashing in should the 22-year-old Birmingham Ciity fan seal a big-money move in the future.
If Rico does complete a switch to Parkhead Darrell Clarke's Saddlers will be due a portion of the Bees' profit - as was negotiated in the original deal which saw the prospect swap Walsall for for London.
Arsenal, who are managed by Unai Emery, have been in pursuit of Tierney for much of the summer and are said to be close to securing his services the Isle of Man-born Scottish international set to command a fee in excess of £25,000,000 if the latest reports are to be believed.