The 2005 and 2008 Grand Slam winning centre hasn't been told he is surplus to requirements, however, although he is being made to wait to see if he has a future in the West Country.
"I'd like to keep Gavin," Bath boss Mike Ford told The Rugby Paper. "He covers 10, 12 and 15, he's a goal-kicker and he wants to stay at Bath, which is the main thing. He's well liked by the crowd here, he's been a good citizen for us and he's trained really hard.
"The recruitment jigsaw is always moving but we've said we're still deciding on our squad for next season and we'll have to see how the pieces fall. We've been really honest with him and he's willing to wait until summer when we'll finalise our decisions over who's going to be with us."
Bath have plenty of options in Henson's preferred positions of fly-half and centre, with the likes of England prodigy George Ford and Scotland A playmaker Tom Heathcote competing for the No10 shirt and rugby league superstar Sam Burgess set to join the competition for places in midfield.
Burgess, who is moving to The Rec from the South Sydney Rabitohs later this year, has been earmarked as a potential No12, while Bath also have England internationals Kyle Eastmond, Jonathan Joseph and Matt Banahan in the ranks, as well as LV= Breakthrough Player Ollie Devoto.
If no deal is forthcoming from Bath when the season ends in May, Henson is unlikely to be short of other options and has already been linked with a possible move to Newport Gwent Dragons, where he would link up with former Ospreys supremo Lyn Jones.