The 23-year-old outside-half has not played since figuring for the British & Irish Lions in the second Test against New Zealand in Wellington last summer.
Henson underwent a groin operation on his return to Wales and has been recovering ever since.
It meant he has sat out all four of Wales' four autumn internationals including their famous 24-22 victory over Australia last weekend.
He is back in full training and is likely to figure for the Ospreys in their Powergen Cup clash against Bristol at the Memorial Stadium on Sunday.
"We will see how Gavin goes in training this week before making a final decision," said Ospreys team manager Derwyn Jones.
"He will probably play some part, perhaps coming off the bench at some point.
"He will step up his training this week and we'll be in a position to see if he's ready to go into the mix."
A fully-fit Henson would also be a boost for the Ospreys who are already without two other Lions - Ryan Jones (shoulder) and Brent Cockbain (hamstring) - for the rest of the season.