Henry, who turned 27 in December, clicked with rookie quarterback Justin Herbert and had a career-best 60 receptions for 613 yards and four touchdowns for the Chargers last season.
Henry (6-foot-5, 250 pounds) played last season on the franchise tender, making $10.6 million.
He has yet to play a full season in his NFL career and missed the final two games last season after being placed on the reserve/COVID-19 list. He missed the entire 2018 regular season after tearing his ACL and missed four games in 2019 after suffering a tibial plateau fracture in an opening-week victory over the Indianapolis Colts.
Drafted by the Chargers in the second round of the 2016 draft, Henry has 196 receptions for 2,322 yards and 21 touchdowns in five NFL seasons.
ESPN's Shelley Smith contributed to this report.