After a move collapsed on deadline day in the summer, Chelsea snapped up the midfidler from Everton for a cut-price fee earlier this month, with his contract having been due to expire at the end of the season.
Speaking in his role as a pundit for 'Sky Sports', Henry expressed his belief that Chelsea have got themselves a bargain, going as far as to say that the England man could emulate a certain Frank Lampard.
"At Chelsea he is not going to be the man," Henry explained.
"He took the number of a Chelsea legend in Frank Lampard, so that is a good start. But can he do what he did? I think he has the quality to do that."
The former French international went on to way that he feels that Antonio Conte is the perfect man to get the best out of Barkley.
"I think with a good coach to teach him he will reach another level. If there is a coach to make Barkley better it is Antonio Conte. He did it with Marcos Alonso, he did it with Victor Moses," Henry added.
"He will find a solution for him whatever solution. I am backing Barkley to do well and I repeat that coach (Conte) will find him the right position."
Fellow pundit Jamie Redknapp was in agreement with Henry, saying: "I think Barkley is a really really talented player.
"He can do special things with a football. It didn't quite work out for him at times at Everton but I think the weight of expectation was so heavy for him and I sometimes think that affected him.
"Whereas going to Chelsea now the pressure won't quite be the same, the expectation of being the local boy is going to be different for him.
"I think he can be a revelation there, I do. I think he has got tremendous talent and he's just got to believe in himself."