The Wales centre had requested to be released from his contract with the Ospreys to join the English outfit but the move has proved shortlived.
"Gavin Henson has asked to be released from his contract with Saracens with immediate effect," read a Saracens statement.
"The club has agreed to this request."
"We wish Gavin all the best for the future as he continues his return to the highest level of the game," added chairman Nigel Wray.
Henson made only one start for Saracens before picking up a calf injury in the Heineken Cup defeat to Leinster last month.
Although neither party have yet confirmed the move, Henson has been linked with a switch to French giants Toulon.
It is thought that any such move would see Toulon allow Henson to attend Wales training if he is called up during the Six Nations or in the lead up to the 2011 World Cup.