Tennessee placed the franchise tag on Henry earlier this offseason, and he will make $10.27 million in 2020 on a one-year deal without a new agreement.
Henry finished last season with 1,540 rushing yards and 16 touchdowns on 303 carries, leading the NFL in each category.
The 26-year-old especially broke out in the playoffs with 446 rushing yards and two touchdowns in three games, adding a passing touchdown as the Titans made a surprising run to the AFC Championship Game.
Quarterback Ryan Tannehill had only 369 passing yards during the three-game stretch, but he was able to land a four-year deal this offseason worth up to $118 million.
The Titans haven't been able to come to terms with Henry despite both sides seeking a long-term deal.
"He wants to get something done. We want to get something done, and we're working toward that," general manager Jon Robinson said on a June conference call. "It's about coming to that common-ground spot as it is in every negotiation. We're anxious to keep the conversations going and keep talking through things."
Henry has also said he hopes to remain in Tennessee as long as possible.
"I'd love to be a Titan for the rest of my career," he said in January, per Juan Buitrago of the Tennessean. "Love the organization, love the team, love everybody, love the fans and love the city."
Though he is not leaving the organization yet, it appears he will hit free agency again next offseason.