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Nagelsmann, who turned down the opportunity to manage Chelsea and was ruled out of contention to take charge of Tottenham, is in talks to replace Christophe Galtier as manager at the French giants.
According to the Telegraph, former Bayern Munich boss Nagelsmann wants the former Belgium assistant to return to club coaching and become his No 2 if he is announced as the next man in the dugout at the Parc des Princes.
The report goes on to state that even though Nagelsmann and Henry have never worked together, the iconic striker's presence at the club would be welcomed by PSG superstar Kylian Mbappe, with the pair sharing a good relationship.
Henry's most recent coaching work came with Belgium alongside Roberto Martinez at the Qatar World Cup at the end of last year.
Arsenal legend Thierry Henry is reportedly being lined up for a return to club coaching as an assistant
Julian Nagelsmann wants the legendary Arsenal striker to be his No 2 should he get the PSG job
Henry, 45, already has experience coaching in Ligue 1, having managed PSGs rivals Monaco before spending a year in charge of MLS outfit Montreal Impact.
The report from the Telegraph adds that it is unclear if Henry wants to return as an assistant, while the offer relies on Nagelsmann being appointed at PSG.
Nagelsmann has been linked with the Napoli job as well after being sacked from Bayern earlier this year.
The Bayern hierarchy were disappointed with the club's inconsistent performances after the resumption of the season following the World Cup.
Nagelsmann was replaced by Thomas Tuchel, who went on to win the Bundesliga title on the final day of the season.
During his time at Bayern, Nagelsmann won the Bundesliga in the 2021-22 campaign and also lifted two DFL-Supercups.
Chelsea had identified Nagelsmann as the first choice to be their new manager but he turned them down, with Mauricio Pochettino being appointed instead.
Tottenham showed initial interest in Nagelsmann but didn't follow up on it, with Celtic boss Ange Postecoglou now in line to take charge.
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