Henry and another suspect were arrested Sept. 30 in Denver after federal drug agents said they met to buy cocaine from a man who was cooperating with authorities.
Henry and James Mack both face charges of possession of cocaine with intent to distribute, distribution of cocaine and conspiracy to possess cocaine with intent to distribute.
Henry offered a $360,000 house as collateral toward his bail on Wednesday and was allowed to post an unsecured bond for the remaining $40,000, said Jeff Dorschner, a spokesman for the U.S. attorney's office in Denver.
Henry is expected to be released after a phone line is installed in his house for electronic monitoring, which could be Thursday, Dorschner said.
Neither man has entered a plea.
Neither Henry's attorney, Harvey Steinberg, nor Mack's attorney, James Moore, returned calls.
Mack could be released next week after posting a $10,000 unsecured bond, Dorschner said.
Dorschner said Henry's bail was higher because he is accused of making threats and running when officers tried to arrest him. Judges also can decide how high to set bail to make sure a suspect shows up for court.
If convicted, both men could face 10 years to life in prison, five years of probation and a $4 million fine.
The cases have been transferred to Montana, where authorities say they found six pounds of marijuana and about 6.6 pounds of cocaine that Henry and Mack allegedly supplied.
Jessica Fehr, a spokeswoman for the U.S. attorney in Billings, Mont., said no court appearances had been scheduled.
Henry signed a five-year, $22.5 million deal with the Broncos last year, and led the league in rushing a month into the 2007 season that was marred by a left knee injury and a failed attempt by the NFL to suspend him over a drug test. He finished with 691 yards and four touchdowns.
Henry fell out of favor over what coach Mike Shanahan said was Henry's lack of commitment and was released on June 2.