This doesn't mean he won't be traded by Tuesday's 4 p.m. ET deadline -- the Titans simply told Henry they don't intend to move him.
League sources believe that as much as he has meant to the Titans, it would make sense for the organization to explore trade possibilities for Henry, who is on an expiring contract and will be a free agent after this season.
Henry turns 30 in January and is due to make $6.4 million for the rest of this season -- not an easy contract for another team to accommodate at this point.
Despite speculation connecting the Cowboys to Henry, Dallas has not expressed any interest in trading for the NFL's 2020 Offensive Player of the Year, according to sources.
If Henry were to be traded, there would probably have to be an agreement in place by the end of day Monday because any acquiring team would likely have to modify his contract for salary cap savings. A restructured contract agreement would have to be in place by 4 p.m. ET on Monday, 24 hours ahead of the NFL's trade deadline.
So although the Titans told Henry they won't trade him, the key inflection point will come by 4 p.m. Monday. League sources still believe there is a chance Henry could be traded, though there is not as much interest in him across the NFL because of his age, production, expiring contract and cost for the rest of this season.
Henry has rushed for 425 yards and three touchdowns in six games this season, but his 4.3 yards per carry is tied for his lowest single-season average since 2017. He has 8,760 career rushing yards, the most among active players.
The Titans already traded away a high-profile player earlier this week, sending two-time Pro Bowl safety Kevin Byard to the Philadelphia Eagles on Monday for safety Terrell Edmunds and two draft picks.