The two sides are still committed to working on a long-term deal before the July 15 deadline for franchised players to sign extensions.
On Wednesday, Titans general manager Jon Robinson said his team hoped to sign Henry to a long-term contract.
"I met with Derrick like I met with all of the guys whose contracts were going to be up at the end of the season," Robinson said. "We told him we would start working on that but [we] couldn't get to an agreement on that one, so we used one of the avenues that were available to us to keep Derrick.
"He's an important part of our football team. I've spoken to his representatives after we've used the tag. And we want to continue to have those discussions and back-and-forths in hopes of reaching some kind of long-term agreement. We will kick those conversations off again probably, certainly before training camp gets ramped up and going."
Henry, who turned 26 in January, won the NFL rushing title with 1,540 yards last season and has posted consecutive seasons of more than 1,000 yards.
Henry averaged 5.1 yards per carry, leading all NFL running backs with at least 200 carries last season.
He was the first running back to get the franchise tag after leading the NFL in rushing the previous season. He is the third running back to get tagged and win a rushing title at any point in his career, along with Edgerrin James (rushing titles in 1999 and 2000, tagged in 2005) and Shaun Alexander (rushing title in 2005, tagged earlier in 2005 offseason).