The England international joined the Saudi Pro League in the summer transfer window from Jurgen Klopp's Liverpool for £12m, in what turned out to be a highly-controversial switch.
Since landing in the Middle East, Henderson has featured in 17 league matches for Steven Gerrard's side, providing four assists but failing to register a goal from the engine room.
Despite playing his football outside of Europe, the midfielder has continued to be selected in England squads by Gareth Southgate, starting the 2-0 success over Malta in Euro qualifying on November 17.
According to talkSPORT, Bayern Munich and fellow German outfit Bayer Leverkusen have been presented with the chance to sign Henderson in the current window.
The report claims that the Englishman is very keen on a move back to European football this month, with the veteran not settling into life in Saudi Arabia as he would have hoped.
It is also understood that all clubs in the Premier League have been alerted to the situation of Henderson, who left the English top flight just six months ago.
Al Ettifaq boss Gerrard does not want one of his key players to leave although a loan move could be arranged, however the 33-year-old's substantial wages could make a temporary switch difficult.
Currently eighth in the Saudi Pro League standings, Al Ettifaq are 28 points behind first-placed Al-Hilal and have not tasted victory since late October, putting serious pressure on Gerrard in the managerial hotseat.
As Gerrard fights for his lucrative job in the Middle East, Luton Town are battling to remain in the Premier League as potential suitors allegedly eye up a move for Teden Mengi.
The 21-year-old made the switch from Manchester United to Kenilworth Road in the summer and has been a stalwart in the Hatters' defence, starting 14 Premier League matches.
Mengi's impressive displays at the heart of Rob Edwards's defence have captured the attention of top-flight duo Fulham and Crystal Palace - as reported by The Standard - with both clubs looking to secure the centre-back's services in 2024.
It is believed that Luton do not wish to sell the former Derby County loanee this month, as the Hatters view him as integral to a survival push in the second half of the campaign.
Marco Silva's Cottagers are planning for the future in defence with first-choice option Tim Ream turning 37 this year, whilst the future of Tosin Adarabioyo is unclear.
With Luton in the midst of a relegation dogfight, it is understood that any move for Mengi away from Kenilworth Road would occur following the conclusion of the season.
Moving from a survival scrapper to title challengers, Scottish giants Rangers have reportedly been joined by Sevilla and Granada in the race for Brighton & Hove Albion's Steven Alzate.
The Colombian international is currently on loan at Standard Liege in the Belgian Pro League, a competition in which the midfielder has started 11 times, securing three goal contributions.
Football Insider claim that Rangers are looking to recruit Alzate this month as they target improvements in midfield areas, although they are not alone in their interest.
La Liga clubs Sevilla and Granada are said to be in the hunt for the 25-year-old's signature, with both sides attempting to avoid relegation at the foot of the Spanish top flight.
Finally, The Sheffield Star are reporting that Sheffield Wednesday are in talks with West Ham United over a move for Conor Coventry this month.
After playing a part in the Hammers' Europa Conference League success last term, the Irishman has failed to feature for David Moyes's side this season and is open for a switch away.
It is understood that the Owls want to sign Coventry on a permanent basis rather than a loan, however Danny Rohl's men are set to face competition from other clubs in the Championship and the Netherlands.