Henderson, 33, left Liverpool for Al-Ettifaq last summer.
But the England international broke his contract with the Saudi club after only six months.
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Henderson wanted to return to Europe and signed for Ajax. His contract runs until the summer of 2026.
Now The Athletic says the midfielder's future is uncertain.
Ajax prefers not to sell Henderson - who himself wants to stay. But the club may be forced to make serious cuts as they miss out on the Champions League for the second year in a row.