Henson, who was a Lions tourist in 2005, playing in the second Test in Wellington, has been named in the Ospreys squad for the Magners League clash with Ulster at the Liberty Stadium.
"I'm delighted to name Gavin in our 22, he's had a long road back again from injury," Ospreys coach Sean Holley told BBC Sport Wales.
"It's just a matter now of a run of games to get him back up to speed."
The timing of Henson's comeback means he is likely to push for a place in Warren Gatland's Wales squad for this November's internationals - an important step on the road to Lions selection.
"He's coped with it (the injury) with a real level of maturity this time, he's come back right and it could be a big season for him," said Holley.
"The time is right to expose him to some senior rugby again. He's in great shape physically and he's been in a good place mentally."
Henson is joined in the Ospreys squad by fellow Lion Shane Williams who missed last Friday's defeat to Leinster in Dublin.
"It's always important to have those 'X-factor' guys in your team," added Holley.
"No disrespect to anyone in our squad but people like Gav and Shane, they do have a bit of magic and can create something out of nothing."
Ospreys squad to play Ulster, Saturday at 5.30pm, Liberty Stadium
Forwards: Duncan Jones, Paul James,Adam Jones, Huw Bennett, Richard Hibbard, Ian Gough, Andrew Lloyd, Alun-wyn Jones, Ian Evans, Jonathan Thomas, Tom Smith, Ryan Jones, Marty Holah
Backs: Lee Byrne, Tommy Bowe, Shane Williams, Nikki Walker, Andrew Bishop, Gavin Henson, James Hook, Daniel Biggar, Rhodri Wells, Rhys Webb