The 2016/17 Ligue 1 champions currently languish in the relegation zone, three points adrift of safety, and have only won three of their 21 league fixtures this campaign.
Henry took over in October for his first senior managerial stint to try and halt their remarkable fall from the upper echelons of European football.
The French outfit has picked up just two wins in 12 league matches since the France all-time record goalscorers' appointment, a far cry from being UEFA Champions League semi-finalists two seasons ago.
And the Daily Mirror claims Henry will be 'told in the next 48 hours' that he will be losing his job after Monaco were knocked out of the Coupe de France with a 3-1 loss to Ligue 2 side Metz, who fielded a second-string side on Tuesday.
— Robin Bairner (@RBairner) January 20, 2019
In Saturday's 5-1 loss to Lebo Mothiba's Strasbourg, cameras captured Henry hurling offensive insults towards defender Kenny Lala, which he has since publically apologised for.
However, it is understood to have been the final straw for the Monaco hierarchy amidst their poor performances.
"I will repeat. No need to always ask the same question, I would answer the same thing – Atletico Madrid have been relegated in the 90s with stronger players than us. [Real] Zaragoza as well more recently as you know. I could talk about all the leagues.
"We are in this situation, even if it was Coupe de France and now we are out but this weekend against Dijon in Ligue 1 it’s going to be war."
According to reports in France, the man he replaced, Leonardo Jardim, will return for a second stint in an attempt to prevent a calamitous relegation.
