Henson, 28, has spent the last 13 months on indefinite leave after struggling with Achilles and ankle injuries.
But Ospreys managing director Mike Cuddy claims the 2005 Test Lion is ready to make a sensational comeback in time for the 2011 World Cup in New Zealand.
"Gavin has told me he will be back next season and playing before the end of the year," said Cuddy.
"He has been honest with me all along. All the injuries, especially the prolonged ones over his groin and Achilles tendon, got him down.
"He took a break and now he is feeling all the better for it."
It is a massive fillip for Wales and Lions coach Warren Gatland who has admitted his side have missed the creative spark and defensive qualities of Henson.
"It would be a tragedy if we lost someone of Gavin's ability from the game because when he is on form, he is one of the best in the world," Gatland had previously said.
"I'd love to see him back involved because he is a fantastic player. But it's up to him and he needs to make sure he is physically right.
"We want him to have the motivation to not only get back for the Ospreys but put himself in contention for Wales and I'd like to think the World Cup would be his motivation."
The injury-plagued centre has not played for his country since Ireland clinched Grand Slam glory in 2009 in Cardiff.
Henson, capped 31 times, was named as the World's Young Player of the Year in 2001, won Grand Slams with Wales in 2005 and 2008 and was part of Sir Clive Woodward's Lions tour to New Zealand.
He has also won the Anglo-Welsh Cup and two Celtic titles and is still the fourth top points scorer in the league's history despite his lengthy lay-off.