"I hate using the word potential about Gavin, because he's beyond potential. We all know his capability but he hasn't shown it this year," said Edwards.
"He's come back from a few injuries and maybe he's still got some time for redemption. He's got a couple of very important cup games coming up now for the Ospreys and that could underline his name and put him in the squad."
The Ospreys face Gloucester in the EDF Energy Cup semi-final in Coventry this weekend, and then move on to Limerick for a showdown with reigning champions Muster in the quarter-finals of the Heineken Cup.
Edwards also says if Henson makes the tour he could play a key role within the squad. "He could very well be one of those guys that would come through strongly on the tour.
"Each and every player that gets selected for the squad has to believe he's got a chance of getting into the Test side."
Edwards also believes Henson's fellow Wales centre Jamie Roberts could also win a place on the tour due to his invaluable versatility.
"You require boys that have got that sort of talent when you are only taking 35 players. There will be a few people that will surprise us as they tend to do on Lions tours," added Edwards.
"Jamie might well be one of those young kids that fits the bill. He's a big centre who can also play wing and full-back."