Arsenal also lost Alexis Sanchez to Manchester United in the January transfer window but gained Henrikh Mkhitaryan as his replacement, while playmaker Mesut Ozil committed his future to the club by signing a new contract this week.
Henry questioned where Alexandre Lacazette would feature in an attack that includes Aubameyang and urged Wenger to seriously consider using a flat 4-4-2 formation to get the best out of the pair.
"We always talk about supporting cast and it's better to have two strikers and three and four guys that can help, but where does Lacazette fit into that?" the former France striker told Sky Sports.
"He was like the next best thing and came with a big transfer fee like Aubameyang too, so hopefully they can play at times together up front.
"In my day we played a rigid, flat 4-4-2 and that was it. I don't think Arsene will go back to that but why not?" Henry continued.
"Sometimes when Giroud came on as a sub, Lacazette moved out to play on the right or left. I don't think he'll do it at the beginning of a game but why not going back to two up front? I don't know if he'll do it but why not."
Henry said he hoped Mkhitaryan and Aubameyang could strike up an understanding quickly at the Emirates considering the pair used to be teammates at Dortmund.
"I think it's a great thing that you can have two guys coming from two different clubs that have already played with each other and they know each other really well," he stated.
Aubameyang could make his Arsenal debut against Everton at the Emirates on 3 February.