Hansi Flick is gaining the plaudits with Barca flying in LaLiga and the Champions League.
But Henry said on CBS Sports: "I don't think Hansi Flick started a new era at Barcelona... Xavi did it.
"Today Flick is continuing what Xavi did. Xavi launched Cubarsi, Xavi launched Lamine Yamal, Xavi launched many of the players who are part of the current Barcelona squad. So, he left and Hansi Flick arrived."
Henry added: "I think this team, thanks to the two years they spent together and the difficult season last year, should be considered one of the favourites to win the Champions League. Will they win it? Sometimes you have to lose a semi-final, a quarter-final, to understand how difficult it is.
"But I think the Blaugrana are equipped to go all the way, yes."