Per NFL Network's Ian Rapoport, the Chargers have placed the one-year tender on their talented tight end.
While the NFL hasn't released official tag values, CBS Sports' Joel Corry estimated the tag for tight ends in 2020 will be worth between $10.5 million and $10.8 million.
The 25-year-old has spent his four-year career with the Chargers, seeing his development derailed by a series of injuries. He has never played a full 16-game slate and missed the entire 2018 campaign with a torn ACL.
Henry missed four games with a tibia plateau fracture last season but still recorded a career-high 55 receptions for 652 yards and five touchdowns.
"I've been through a ton of adversity, and this team has been through a ton of adversity," Henry said in December, per Mike DiGiovanna of the Los Angeles Times. "I feel like I was able to bounce back quickly after the injury and play well. So individually, I feel good about my season."
Henry's talent has rarely been in question. He's a good route-runner with soft hands and a willing blocker in the run game—a near-perfect combination for a modern tight end. There was a reason the Chargers drafted him as the heir apparent to Antonio Gates—but Henry's injury woes also gave Gates reason to stick around longer than expected.
Still in his prime, Henry could become the Pro Bowler the Chargers expected four years ago. Either way, he showed in 12 games last season the ability to be a top-10 player at the tight end spot and should fit in well next year as they search for Philip Rivers' replacement.
Provided he stays on the field.