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Australia's Network Ten turned its back on Henry last month, announcing it was axing the Breakfast show Henry co-hosted.
TVNZ was keen to get him back, with speculation he could succeed Mark Sainsbury on TV One's 7pm current affairs show.
Henry said he was offered the job but turned it down.
Henry has spoken with Catherine Milford of the NZ Woman's Weekly on news-stands tomorrow.
"I was very flattered to be offered the job, and of course it's something you'd have to consider. But I have a contract with MediaWorks so to take the job would be fundamentally wrong."
In the interview, he tells what a knock it was for Breakfast to be cancelled and blames Network Ten.
He had always known it would be a marathon to build up ratings for the show, competing against their heavyweight counterparts on the Seven and Nine networks - but Network Ten had lost its nerve within months.
He was surprised the Australian commentators wrote him off so early.
"I always knew I'd come back - I just didn't think it'd be this soon."
MediaWorks spokeswoman Rachel Lorimer confirmed his contract with the network had resumed. "We were sorry to lose him to Australia and we are pleased to have him back. He's a very talented broadcaster. We are working on the details of what he will be doing next."
Breakfast, which is fronted by Henry and journalist Kathryn Robinson, will cease production on November 30.
The show has lagged behind its rivals in the ratings since debuting in February.