United will instead look to secure another loan move for the highly rated goalkeeper as they continue to draw up a plan for his long-term future.
United are well aware that the 23-year-old does not want to return to Old Trafford to be an understudy to No. 1 David De Gea, but rather than sanction a permanent move they are open to agreeing another temporary deal.
Sheffield United have secured their Premier League status for next season and a return to Bramall Lane is an option but there is also interest from other top-flight clubs.
Manager Ole Gunnar Solskjaer is set to keep faith with De Gea next season after he signed a new long-term contract in September, but Henderson is seen as a viable long-term replacement for him when the time comes.
The England U21 international -- who could have been included in Gareth Southgate's senior squad for Euro 2020 had it gone ahead -- has a contract at Old Trafford until 2022, but United are considering offering fresh terms to acknowledge his increased value and further protest their asset.