The England international is poised to depart the Saudi outfit just six months after sealing a summer switch from Anfield.
talkSPORT understands that the 33-year-old has reached an agreement to effectively pay his way out of his contract in the Middle East.
It is believed that Ettifaq stand to earn around £8million net from Henderson's departure after the midfielder agreed a 75 per cent pay cut in his bid to join Ajax.
He will also pay Steven Gerrard's side an additional bonus if the Dutch giants qualify for Europe.
And Ettifaq are planning to use their incoming money this window, with Henderson's ex-Liverpool teammate Roberto Firmino lined up.
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The Brazilian forward has struggled since joining Al Ahli on a free transfer, having failed to score since bagging a hat-trick on his debut.
It is believed that Firmino is frustrated by Al Ahli's system, with the club willing to loan him out in the New Year.
And Ettifaq are interested in securing his services, with Gerrard known to be a huge admirer of the former Hoffenheim star.
Along with Firmino, Jota, who swapped Celtic for Al Ittihad last summer, is another player on Ettifaq's radar.
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The 24-year-old forward is unable to play in any Saudi Pro League games for the remainder of the campaign after being left out of the squad's registration.
Saudi rules limit clubs from registering more than eight foreign players, with the Portugal youth international failing to make the cut despite joining for £25m.
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Meanwhile Al Nassr's Seko Fofana is also admired by Ettifaq, though it isn't thought a January loan would be possible.
Ettifaq are also keeping an eye on their summer targets, with the club identifying two more Liverpool stars who are set to become free agents.
Thiago Alcantara and Joel Matip are being monitored, with the Reds braced to see more players move to Saudi.
It wasn't just Henderson and Firmino that left last year, with Fabinho also being sold to Al Ittihad.